This will be applicable on the increase in net demand and time liabilities (NDTL) of banks between May 19 and July 28, 2023. RBI has taken this temporary measure to drain excess liquidity from the banking system. RBI had earlier withdrawn ₹2,000 banknotes from circulation and gave people the option to either deposit or exchange them by September 30, 2023. Let's delve into what ICRR entails, its significance, and how it aids liquidity management.
WHAT IS CRR?
▪ Before understanding ICRR, it is important to understand what is the cash reserve ratio (CRR).
▪ You would have come across the term when RBI comes up with announcements in its bimonthly monetary policy.
This story is from the September 2023 edition of Outlook Money.
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This story is from the September 2023 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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