Pursuant to the amendment to the Banking Regulation Act through the Banking Laws (Amendment) Act, 2012, the percentage of CRR to be maintained by non-scheduled co-operative banks and the percentage of SLR to be maintained by co-operative banks were brought in line with that of commercial banks with effect from the fortnight beginning July 12, 2014.
Related to this, home furnishings and renovations were two bright spots in an otherwise dim picture for retail sales at the start of the year. It is worth noting that the retail data may also have been affected by severe weather. Fourth, there have been several fiscal announcements since our last Report.