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Our Bureau

Chennai, Sept. 21

The Reserve Bank of India has directed banks to ensure that any drawing down from their statutory reserve fund should be done with its prior approval. A notification from the RBI explains that banks could earlier inform the RBI within 21 days of such appropriation being made. Now, they have been asked to take prior approval in their own interest.

All banks are required by law to transfer 25 per cent of their net profits (before any appropriation) to the reserve fund.

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