RBI hikes CRR for non-scheduled urban co-operative banks

This increase will come into effect from July 12

The Reserve Bank of India on Thursday increased the cash reserve ratio (CRR) for non-scheduled urban co-operative banks (UCBs) by 100 basis points to 4%. (100 bps refers to 1%) This increase will come into effect from July 12. "It has been decided to increase the CRR for non-scheduled primary (urban) cooperative banks by 100 basis points from 3% to 4% of their total demand and time liabilities, on par with scheduled primary (urban) co-operative Banks," the RBI said in a statement.