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RBI starts 2015 with cash reserve requirement on positive note

Newsroom24x7 Desk

Mumbai, Jan. 9: As against the average daily cash reserve requirement of Rs. 337, 307 crore for the fortnight ending today that is January 9, the cash balance with Reserve Bank of India on January 3 was Rs. 348, 558 crore.

The RBI yesterday decided to increase the quantum of loan that could be granted by all State and Central Cooperative Banks (StCBs/CCBs) under the Bullet Repayment scheme, from Rs. 1.00 lakh to Rs. 2.00 lakh

Under the RBI instructions, the period of the loan shall not exceed 12 months from the date of sanction and interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction.

StCBs/CCBs should maintain a Loan to Value (LTV) ratio of 75% on the outstanding amount of loan including the interest on an ongoing basis, failing which the loan will be treated as a Non Performing Asset (NPA).

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