President gives assent to SLR ordinance

President A P J Abdul Kalam has given his assent to the ordinance empowering the Reserve Bank of India (RBI) to cut the statutory liquidity ratio (SLR) below 25%.

The 25% is the minimum SLR (the statutory requirement for banks to park their money in government bonds) limit that RBI can fix at present.

The move comes ahead of the credit review by the apex bank, slated for January 31.