Following the amendment of the Banking Regulation Act (1949) in January 2007, the floor rate of 25 per cent for SLR was, of course, removed. However, even as at present, all Scheduled Commercial Banks are required to maintain a uniform SLR of 20.75 per cent of their total demand and time liabilities in India as on the last Friday of the second preceding fortnight.
We expect that in the not-too-distant future, customers of banks which are connected to the electronic switch will be able to access ATM and related services at any ATM of any bank that is a member of the electronic switch. We also expect the implementation of the switch infrastructure to significantly increase the use of payment cards in the country.