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The Reserve Bank of India (RBI), in a release on September 8, said that 25 percent of the funds maintained in the I-CRR would be released on September 9 and 25 percent on September 23. The remaining 50 percent will be released October 7.
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The RBI announced I-CRR as a temporary measure to absorb excess liquidity from the banking system. The level of surplus liquidity in the system surged because of the return of Rs 2,000 banknotes to the banking system, RBI’s surplus transfer to the government, pick up in government spending and capital inflows.
In the August monetary policy, the central bank announced I-CRR of 10 percent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023 and July 28, 2023.