Date:02/03/2007 URL: http://www.thehindubusinessline.com/2007/03/02/stories/2007030203880600.htm

Back More leeway on CRR

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Mumbai March 1 Banks will not be required to maintain average Cash Reserve Ratio of 3 per cent on credit balances in Asian Clearing Union (US dollar) accounts, transactions in Collateralised Borrowing and Lending Obligation (CBLO) with Clearing Corporation of India and, demand and time liabilities in respect of their Offshore Banking Units (OBUs), said an RBI press release.

Recently, the Reserve Bank of India decided to pay interest to all commercial banks on the eligible CRR balances.