The power of the Reserve Bank of India (RBI) to fix the Cash Reserve Ratio (CRR) is derived from the Reserve Bank of India Act, 1934. Specifically, Section 42(1) of the RBI Act empowers the central bank to require scheduled banks to maintain a certain percentage of their Net Demand and Time Liabilities (NDTL) as CRR with the RBI.
The power of the RBI to fix the CRR has been given under
Asked in WBCS Main Paper 5 2022 · Topic: Money & Banking (Reserve Bank of India (RBI): Role, Functions, and Autonomy)
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