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RBI says CRR, SLR applicable to short-term gold deposits

Reuters
A man walks past a logo of the Reserve Bank of India (RBI) in front of its building in Kolkata May 21, 2012. REUTERS/Rupak De Chowdhuri/Files (Reuters)

MUMBAI (Reuters) - The Reserve bank of India said on Thursday banks' cash reserve ratio and statutory liquidity ratio will be applicable to short-term bullion deposits under the gold monetisation scheme. The measure was part of RBI's guidelines for the gold scheme, which is intended to lure Indian households to deposit gold at lenders in exchange for interest rate payments. Among the details, the RBI said it will allow banks to take a minimum deposit of 30 grams of gold from individuals, who will be allowed to place the bullion for time periods ranging from one-year to 15 years. For details see: http://bit.ly/1LpSd5W (Reporting by Rajendra Jadhav; Editing by Rafael Nam)