RBI to discontinue the Incremental Cash Reserve Ratio ( I-CRR ) in a phased manner

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On August 10, the Reserve Bank of India (RBI)asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28.

With this policy comes into effect, banks will now have to park more liquid cash with the RBI.

However, RBI clarified banks that this is a temporary measure and that the ICRR will be reviewed on September 8, 2023. If liquidity balance is restored by then, the RBI may return the funds back to the banks ahead of the festival season so that credit growth in the economy is not affected.

In light of this, RBI decided to discontinue the I-CRR in a phased manner as per press release No 2023-2024/886 dated Sep 08, 2023.

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