Section 24 of Banking Regulation Act, 1949- Shortfall in Maintenance of Statutory Liquidity Ratio (SLR) – Additional Liquidity support under Liquidity Adjustment Facility (LAF)
As stated in the Reserve Bank’s press release issued today, in order to provide liquidity comfort arising out of frictional liquidity pressure, a special 2-day repo auction under the LAF will be conducted at 10.30 a.m. on Saturday, October 30, 2010. Scheduled Commercial Banks may avail of additional liquidity support under the LAF to the extent of up to 1.0 per cent of their net demand and time liabilities (NDTL) as on October 8, 2010. It is advised that for any shortfall in maintenance of statutory liquidity ratio (SLR) on October 30-31, 2010 arising out of availment of this facility, banks may seek waiver of penal interest purely as an ad hoc, temporary measure. This facility will be available only on Saturday, October 30, 2010.
Yours faithfully,
(P R Ravi Mohan) Chief General Manager
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