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Final norms on investment in non-SLR securities
MUMBAI,
FEB. 24.
The Reserve Bank of India has issued final guidelines for investment in non-statutory liquidity ratio (SLR) securities by regional rural banks (RRBs) and state co-operative banks. The guidelines come into effect with immediate effect and these banks have to fully comply with the norms by March 31, 2004, the RBI said in a notification here today.
As per the guidelines, these entities cannot invest in unrated debt and unlisted shares of all India financial institutions. They should not invest in non-SLR securities of original maturity of less than one year. Bank boards should fix a prudential limit and the total investment in non-SLR securities should not exceed 10 per cent of the banks' total deposits as on March 31 of previous year, with a sub-ceiling of 5 per cent for investments covered under bonds of public sector undertakings, the central bank said.
PTI
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