RBI Boosts Minimum Daily CRR Maintenance to Curb Liquidity Surplus
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Insights by Echo AI
The Reserve Bank of India (RBI) has increased the minimum daily maintenance of the Cash Reserve Ratio (CRR) for banks from 90% to 99%, effective October 16. This decision comes amidst a significant liquidity surplus in the banking system, driven by banks' mobilization of Foreign Currency Non-Resident (Banks) deposits totaling $133 billion between June 8 and August 31. The current liquidity surplus stands at approximately INR 3.88 trillion.
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