Quantitative Controls: CRR, SLR, Repo, SDF, MSF & OMO
पहले notes और solved examples, फिर options चुनकर Submit & Check Answers करें। Answers/explanations केवल इसी topic के Submit के बाद खुलेंगे। All numerical data and reserve/policy ratios in exercises are hypothetical teaching assumptions, not live rates.
Quantitative tools overall liquidity, credit cost या broad lending conditions पर काम करते हैं। Direction of effect ceteris paribus / other things equal है; every change का fixed mechanical credit response assume न करें। Current RBI percentages इस revision में नहीं दिए गए हैं।
| Instrument | Core operation | Typical tightening direction |
|---|---|---|
| CRR | Specified share of NDTL as cash balance with RBI | Higher required ratio reduces freely usable reserve liquidity, other things equal |
| SLR | Specified eligible liquid assets maintained by banks against NDTL | Higher binding requirement changes asset allocation / loanable room |
| Policy repo | Collateralised liquidity provision / RBI lending operation | Higher policy rate can raise funding and borrowing costs |
| Reverse repo | RBI absorbs liquidity against collateral | Absorption removes bank liquidity temporarily |
| SDF | Standing deposit facility; absorption without collateral | Facility to place eligible funds with RBI |
| MSF | Standing overnight borrowing backstop against eligible collateral | Borrowing support at specified terms; not ordinary retail lending |
| OMO purchase / sale | Outright purchase / sale of government securities by central bank | Sale absorbs; purchase injects, before offsets |
| Bank Rate | Traditional central-bank rediscount/lending-rate concept; a distinct administered rate | A higher rate signals costlier central-bank credit conditions |
Hypothetical Reserve Requirement
NDTL और a hypothetical required ratio दिए हों; classroom arithmetic करें, not present law/rate recall।
Worked example: NDTL ₹2,000 crore; assumed CRR4% → ₹80 crore. Assumed ratio5% हो तो ₹100 crore: extra ₹20 crore।
Interpretation: NDTL constant और no other adjustments मानें. 4%/5% teaching assumptions हैं, current RBI rates नहीं।
- CRR is cash with RBI; SLR eligible asset holdings हैं, entirely CRR-style cash at RBI नहीं। SLR eligibility rules nuanced हैं; SDF balances can be eligible for SLR under RBI directions—इसलिए “SLR can never involve RBI balances” भी overstatement है।
- SDF introduced on 8 April 2022 as collateral-free absorption, replacing fixed-rate reverse repo as LAF corridor floor. Repo, SDF and MSF को same transaction न मानें; historical fixed reverse-repo floor statement को current framework के रूप में repeat न करें।
- Security purchase from a bank adds reserve balance; sale reverses it. Exchange rate intervention, government cash flows या other operations net liquidity effect offset कर सकती हैं।
Official reference: RBI: SDF introduction and liquidity framework (8 April 2022). Institutional definitions checked 25 October 2026; current numerical policy rates deliberately excluded.
Official reference: RBI Bulletin: Three Years of the SDF (22 April 2025). Institutional definitions checked 25 October 2026; current numerical policy rates deliberately excluded.
Official reference: RBI’s Functions and Working — monetary policy / market operations (12 February 2026). Institutional definitions checked 25 October 2026; current numerical policy rates deliberately excluded.
Active Recall / Writing Practice
- आठ instruments की one-line operation map बनाएं।
- A CRR rise, OMO sale और higher repo के transmission channels अलग explain करें।
Notes बन्द करके लिखें। Review next day, third day और seventh day. File delivery, study attendance और mastery अलग हैं।
Memory recap: CRR=cash RBI; SLR=eligible assets; repo injects; reverse/SDF absorb; OMO buy injects।
Topic Test · 12 MCQs
Original revision questions, official PYQs या full official-pattern mock नहीं। Practice scoring +1 correct, 0 wrong/blank; no claim about official marking. Client-side answers inspectable हैं; this is not a secure examination platform.
यदि buttons काम न करें तो browser/site JavaScript permissions जाँचें। WordPress पर publish करने से पहले Draft Preview में test करें।
Your Revision Result
Your answer: · Correct answer: D. Specified cash balance with RBI against NDTL
CRR central-bank cash-balance requirement है; current numerical ratio इस question में नहीं पूछा गया।
Your answer: · Correct answer: B. SLR eligible liquid asset holdings है, केवल CRR-style RBI cash balance नहीं
SLR specified eligible liquid assets से जुड़ा है; CRR cash with RBI है। Detailed eligibility rules को blanket statements से replace न करें।
Your answer: · Correct answer: A. Banking liquidity injection
RBI lending provides liquidity against collateral; interest rate/investment response later transmission है।
Your answer: · Correct answer: A. RBI liquidity absorption without collateral
SDF eligible banks के funds RBI पर place करने की collateral-free absorption facility है।
Your answer: · Correct answer: A. Absorption
Buyers का payment reserves/liquidity withdraw करता है; OMO purchase opposite direction है।
Your answer: · Correct answer: A. ₹80 crore
2000×.04=80.4% teaching assumption है, current rate claim नहीं।
Your answer: · Correct answer: A. ₹20 crore
Δrequirement=2000×(.05−.04)=20; new level100, extra20।
Your answer: · Correct answer: D. ₹180 crore
1000×.18=180. Assumed18% is supplied for arithmetic, not asserted live rate।
Your answer: · Correct answer: A. Standing overnight borrowing backstop against eligible collateral
MSF lending-side standing facility है; SDF absorption-side facility से direction अलग है।
Your answer: · Correct answer: A. RBI absorbs liquidity against collateral
Reverse repo liquidity absorption operation है; SDF collateral-free absorption है।
Your answer: · Correct answer: A. Distinct administered concepts/rates हैं; one should not replace the other by definition
Traditional Bank Rate rediscount/lending-rate concept है; policy repo collateralised liquidity operation से जुड़ा distinct rate है।
Your answer: · Correct answer: A. LAF corridor floor
RBI introduced SDF as floor of LAF corridor. यह historical institutional change है; current rate number का question नहीं।
Numerical routine: concept → formula → substitute → interpret. Wrong/guessed/slow items को 24 hours बाद new attempt दें।