The Reserve Bank of India ("RBI") has issued notification dated October 04, 2017, pursuant to which every commercial bank, primary (urban) co-operative bank, state co-operative bank and central co-operative bank, with effect from October 14, 2017, shall be required to maintain in India assets ("SLR") the value of which shall not, at the close of business on any day, be less than 19.5 per cent of their total net demand and time liabilities in India as on the last Friday of the second preceding fortnight, valued in accordance with the method of valuation specified by the RBI from time to time.
This update is authored by Clasis Law, Clyde & Co's associated firm in India
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