The Reserve Bank of India in its notification dated 26th June 2020 has decided to extend the relaxation given for the requirement of minimum daily maintenance of the Cash Reserve Ratio of 80 per cent for a further period of three months (i.e. up to September 25, 2020.)
The minimum daily maintenance of the Cash Reserve Ratio (CRR) was reduced from 90 percent of the prescribed CRR to 80 per cent on 27th march 2020, which was in force from March 28, 2020 till June 26, 2020.
Therefore in view of hardships faced by banks in terms of social distancing of staff and consequent strains on reporting requirements, it has now been decided to extend the above relaxation for a further period of three months, i.e., up to September 25, 2020.
Click here to read the notification.
