……Providing the regulator with more effective control of the industry and proposing to increase penalties to crores from thousands, the Bill will provide the RBI with more flexibility in its efforts to manage liquidity and rein in inflation via the Cash Reserve Ratio (CRR) tool. The words 'at least three per cent' is proposed to be replaced by 'such per cent'. The Bill also empowers the RBI to grant banks such exemptions from the CRR provisions as it thinks fit. The Bill also seeks to activate the significant funds that accrue in dormant accounts by aggregating into a single fund, which can be used to promote the interests of depositors…….
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