Existing laws don’t allow interest on CRR: Chakrabarty
Press Trust of India: Mumbai, Dec 11 2012, 00:36 IST
The Reserve Bank of India (RBI) can pay interest to banks on their cash reserve (CRR) deposits if the laws are changed, senior-most deputy governor Kamalesh Chandra Chakrabarty has said.
“Under the present law, I can’t pay interest on the CRR...that modification came four-five years back...The government should change the rule (for payment of interest on CRR),” Chakrabarty said in an interaction at his office.
“If the CRR is a cost on banks, then they can adjustthat somewhere else,” he added.
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