RBI hikes CRR by 50bps, repo by 25bps
| RBI hikes CRR by 50bps, repo by 25bps |
| BS Reporters / Mumbai March 31, 2007 |
| The Reserve Bank of India (RBI) today abandoned its monetary policy stance of equal emphasis on price stability and growth, and decided to remain solely focussed on inflation containment. As part of its further monetary tightening, the central bank raised the cash reserve ratio (CRR) for third time since December 2006 by 50 basis points to 6.50% with effect from April 28 and also raised the repo rate by 25 basis points to 7.75%, the rate at which it lends to banks against securities. |
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First Published: Mar 31 2007 | 12:50 AM IST