RBI raises daily CRR maintenance requirement to 99%
The Reserve Bank of India increased the minimum daily cash reserve ratio (CRR) maintenance requirement to 99%, effective from the fortnight beginning October 16.
The Reserve Bank of India (RBI) on October 9 raised the minimum daily cash reserve ratio (CRR) maintenance requirement for banks to 99 per cent from 90 per cent of the prescribed requirement, effective from the fortnight beginning October 16. Under the existing framework, banks are required to maintain the prescribed CRR on a daily basis.