RBI directs to maintain an additional average daily balance
RBI directs to maintain an additional average daily balance
DOR.RET.REC.30/12.01.001/2023-24.—In exercise of the powers conferred by sub-section (1A) of Section 42 of the Reserve Bank of India Act, 1934, the Reserve Bank of India hereby directs that all Scheduled Commercial Banks / Regional Rural Banks / all Scheduled Primary (Urban) Co-operative Banks / all Scheduled State Co-operative Banks, shall maintain with the Reserve Bank of India, with effect from the fortnight beginning August 12, 2023:
(i) an additional average daily balance over and above the average daily balance required to be maintained under subsection (1) of Section 42; and
(ii) that the amount of such additional average daily balance shall not be less than 10 per cent of the increase in net demand and time liabilities between May 19, 2023 and July 28, 2023.
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