J&K Bank Welcomes RBI’s SLR Reduction Move
News: India-based J&K Bank's Executive President Abdul Hamid Banday has welcomed Reserve Bank of India's (RBI) move to reduce statutory liquidity ratio (SLR) by 50 basis points. Banday said: 'It will release more funds to bank to disburse loans which in future can also lead into the reduction of interest rate also,' reports Rising Kashmir. RBI reduced the SLR of scheduled commercial banks by 50 basis points from 23% to 22.5% of their NDTL on June 3 2014. The new rate will be effective from June 14 2014. The repo rate and reverse repo rate were maintained at 8% and 7%, respectively.