Question
The Reserve Bank of India (RBI) would discontinue the
incremental cash reserve ratio (I-CRR) requirement imposed on banks and return the seized funds in phases.Which of the following facts is/are correct about I-CRR? I.The I-CRR was introduced on August 10, 2023, by the RBI to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banking system. II.During the August review of the monetary policy, the RBI mandated all banks to maintain an I-CRR of 15 per cent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023, and July 28, 2023. III. Out of the total I-CRR maintained, 25 per cent will be disbursed on September 9, another 25 per cent on September 23, and the remaining on October 7.Solution
The I-CRR was introduced on August 10, 2023, by the RBI to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banking system. The Reserve Bank of India (RBI) would discontinue the incremental cash reserve ratio (I-CRR) requirement imposed on banks and return the seized funds in phases.Out of the total I-CRR maintained, 25 per cent will be disbursed on September 9, another 25 per cent on September 23, and the remaining on October 7. It was estimated that around Rs 1 trillion worth of liquidity was held due to the I- CRR requirement. During the August review of the monetary policy, the RBI mandated all scheduled banks to maintain an I-CRR of 10 percent on the increase in their net demand and time liabilities (NDTL).
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