Question
Section 24 of the Act deals with maintenance of a
percentage of assets (the statutory liquidity requirement). The assets to be maintained by a banking company shall not be less than such percentage of the total of its demand and time liabilities in India, as the Reserve Bank may specify, but in any case not exceeding:Solution
Section 24(2A) requires a scheduled bank (in addition to the average daily balance under Section 42 of the RBI Act) and every other banking company (in addition to the cash reserve under Section 18) to maintain in India assets the value of which shall not be less than such percentage, not exceeding forty per cent, of the total of its demand and time liabilities in India as on the last day of the second preceding fortnight, as the RBI may specify by notification. This is the statutory ceiling for the Statutory Liquidity Ratio. Default attracts penal interest of three per cent per annum above the bank rate, escalating to five per cent if the default recurs in succeeding fortnights.
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