RRB/RCB- FCNR(B)/NRE deposits - Exemption from maintenance of CRR/SLR and Exclusion from Outstanding Advances for Priority Sector Lending for RRBs - ஆர்பிஐ - Reserve Bank of India
RRB/RCB- FCNR(B)/NRE deposits - Exemption from maintenance of CRR/SLR and Exclusion from Outstanding Advances for Priority Sector Lending for RRBs
RBI/2013-14/486 February 11, 2014 All Regional Rural Banks/ Dear Sir/Madam, Section 42(1) of the Reserve Bank of India Act, 1934, Section 24 of Banking Regulation Act 1949 and Section 18 and 24 of the Banking Regulation Act, 1949 (AACS) – FCNR(B)/NRE deposits – Exemption from maintenance of CRR/SLR and Exclusion from Outstanding Advances for Priority Sector Lending for RRBs Please refer to our circular RPCD.CO.RRB/RCB.BC.No.20/03.05.33/2013-14 dated August 19, 2013, on the captioned subject, wherein banks were advised that with effect from fortnight beginning August 24, 2013, incremental FCNR (B) deposits as also NRE deposits with reference base date of July 26, 2013, and having maturity of three years and above, mobilised by them will be exempt from maintenance of CRR and SLR. Further, advances extended against such incremental FCNR(B)/NRE deposits qualifying for exemption from CRR/SLR requirements will also be excluded from Outstanding Advances for computation of priority sector lending targets for Regional Rural Banks. 2. On a review, and in order to give banks some time, it has been decided that the exemption granted on incremental FCNR (B)/NRE deposits from maintenance of CRR/SLR will be withdrawn with effect from reporting fortnight beginning March 8, 2014, i.e., only the eligible amount of incremental FCNR (B) and NRE deposits of maturities of three years and above from the base date of July 26, 2013, and outstanding as on March 7, 2014, would qualify for CRR/SLR exemption till their maturities/ pre-mature withdrawals. 3. Further, advances extended against the above mentioned incremental FCNR(B)/NRE deposits, qualifying for exemption from CRR/SLR requirements, will be eligible for exclusion from Outstanding Advances, till their repayment, for computation of priority sector lending targets for Regional Rural Banks. 4. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (A.Udgata) |
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