RBI Raises Daily CRR Maintenance Requirement for Banks to 99% from October 16

The Reserve Bank of India (RBI) said that banks will need to maintain 99 per cent of the required cash reserve ratio (CRR) daily starting from October 16, up from 90 per cent at present. The move follows a review of the current liquidity condition in the banking system and will help reduce the banking system liquidity, which stood at a surplus of around 3.88 lakh crore rupees as of October 8.