Apart from various rules and regulations, the RBI uses different monetary policy tools to ensure the smooth functioning of the banks as well as the economy. The SLR is one such important tool that RBI uses to ensure the smooth functioning of banks. It helps the RBI to control inflation and maintain the economic stability of the country.
Understanding SLR
The statutory liquidity ratio or SLR is the minimum percentage of deposits that a bank has to maintain at all times before providing credit to the customers. The bank has to hold this deposit with itself through cash, gold and other securities.How does SLR Work?
SLR is the ratio of a bank's liquid assets to net demand and time liabilities (NDTL) that the RBI determines. The RBI can increase or decrease the SLR depending upon the prevailing economic conditions in the country. The SLR cannot be increased beyond 40 per cent.The RBI regulates the SLR to ensure
- Solvency of the bank.
- Maintain adequate cash flow in the economy.
Components of SLR
The SLR comprises of two components:- Liquid Assets The assets or investments that can be easily converted into cash are called liquid assets. A bank’s liquid assets may include cash reserves, gold, treasury bills, sovereign bonds, and other government-backed securities.
- Net Demand and Time Liabilities (NDTL) A bank has to ensure that its customers can withdraw money from their accounts at any time on demand. Also, the bank has the liability to pay interest toward the amount deposited in various time-linked deposit schemes of the bank.
A bank’s investments in securities covered under various eligible market stabilization schemes or market borrowing programmes also come under liquid assets.
The NDTL refers to
- Demand Liabilities It is the amount comprising total liabilities that a bank has to pay on the demand of the customer.
- Time Liabilities It is the amount comprising the liabilities that the bank needs to pay on the maturity of a certain period.
The banks need to report their NDTL amount to RBI every fortnight for computation and maintenance purposes.
Examples of NDTL
| Sr. No. | Demand Liabilities | Time Liabilities |
| 1 | A portion of savings deposits | Cash certificates |
| 2 | Overdue fixed deposit balances | Fixed deposits |
| 3 | Demand draft | Recurring deposits |
| 4 | Online fund transfer | Gold deposits |
| 5 | Clearance of Cheque | Staff security deposits |
| 6. | Margins held against letters of credit | Margins held against letters of credit, if not payable on demand |
| 7. | Security deposits for advances payable on demand | Security deposits for advances not payable on demand |
| 8. | Current account deposits |
|
| 9. | Unclaimed deposits |
|
Marginal Standing Facility
If the bank is facing a liquidity shortage, it can borrow 1 per cent of its NDLT amount under the marginal standing facility, which is in effect from May 9, 2011. The struggling bank can avail of this facility for one day except on Fridays when the facility can be availed for three days or more, maturing on the next working day.Why SLR Needs To Be Regulated
- To Check Inflation Generally, the RBI increases the SLR to control high inflation and decreases the SLR when there is a recession.
- To Prevent Over-lending Lending money is an important aspect of the banking business. However, a bank can go on a lending spree and inadvertently accumulate a large number of bad debts that can cause a financial meltdown. The bankruptcy of Lehman Brothers of the USA in 2008 can be a prime example of such a financial crisis that can affect a whole economy.
- To Promote Government Securities The banks can be eligible to seek a temporary loan from RBI on the securities above the stipulated limit of SLR. Therefore, most banks prefer to keep government securities into their profile above the SLR limit to avail money from the RBI immediately in case of a financial emergency.
- To Regulate the Supply of Money Whether it is the easy availability of money or the scarcity of it, both patterns are not a healthy sign of an economy. The RBI regulates the supply of money into the economy through SLR.
Therefore, SLR is used by the RBI to have control over the bank credit and ensures that the bank keeps investing in safe government securities in addition to lending.
This, in turn, facilitates the government’s debt management programme.
SLR was at 25 per cent in 2010 and came down to 18 per cent in 2021. The steps taken by the government in the last few years suggest that the government is gradually reducing the SLR requirements to provide greater autonomy to banks in lending.
Impact of Current Repo Rate
Apart from SLR, the RBI uses the repo rate and reverse repo rate to regulate the economy. The current repo rate in India is 4 per cent.The rate at which banks borrow money from the RBI is called the repo rate, and the rate at which the RBI borrows money from the banks is called the reverse repo rate.
The money flow decreases with an increase in the repo rate and increases with the decrease in the repo rate.
Difference between SLR & CRR
While both SLR and CRR are important components of the monetary policy, they are different in many aspects.| Sr. No. | Statutory Liquidity Ratio (SLR) | Cash Reserve Ratio (CRR) |
| 1. | The bank is required to maintain the reserves of liquid assets with itself. | Under CRR, the bank is required to maintain the stipulated cash reserve with the RBI. |
| 2. | The money parked as SLR with the bank earns interest. | The RBI does not pay any interest to the bank for the money deposited as CRR. |
| 3. | SLR can be maintained in the form of gold, cash and other securities. | CRR is maintained in cash reserves only. |
| 4. | It is used to control credit expansion. | It is used to control liquidity in the banking system. |
Penalties on Non-maintenance of SLR
As per the RBI guidelines, maintaining SLR is mandatory for all types of licensed banks in India. In the case of non-maintenance of SLR, the RBI can levy an annual penalty over the bank rate at an interest rate of 3 per cent.The interest rate will increase to 5 per cent if the concerned bank defaults on the next working day too.
This is done to ensure that the bank maintains adequate cash to fulfil a customer's demand for cash readily.
Impact of SLR on Average Borrower
The RBI uses SLR as one of the reference rates while determining the minimum lending rate. The minimum lending rate is more commonly known as the base rate. As per the RBI guidelines, no bank can lend funds to its borrowers below the base rate.- The base rate helps the banks provide affordable loans to retail and corporate borrowers by cutting down their lending costs.
- The uniformity of the base rate across the banking sector ensures transparency in the credit market concerning borrowing and lending.
- The rise in base rate can likely result in higher loan repayment amounts and vice versa. However, such changes are not guaranteed as some other factors can also affect the loan repayment amount.
- SLR indirectly helps an account holder by ensuring the bank keeps an adequate amount to fund any withdrawal.
You can be more confident while making your financial decisions if you understand SLR and RBI's other key monetary policies well. Besides, you might by now have recognized that the complex working of SLR is relatively easier to know.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
About Aditya Birla Capital
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There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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