Section 42 of RBI Act : Section 42: Cash Reserves Of Scheduled Banks To Be Kept With The Bank
RBI Act
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Explanation using Example
Imagine a bank named "Stable Bank Ltd." is listed in the Second Schedule of the Reserve Bank of India (RBI) Act, 1934. As a scheduled bank, it is required by Section 42(1) to maintain a minimum average daily balance with the RBI. The RBI has notified that this balance should be 4% of the bank's total demand and time liabilities in India.
For example, if "Stable Bank Ltd." has total demand and time liabilities amounting to...
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