RBI relaxes banks' minimum daily cash reserve requirement

REUTERS - The Reserve Bank of India said on Friday it has relaxed banks' minimum daily cash reserve requirement to 95 percent of deposits from 99 percent from September 21.

In his first monetary policy review since taking office on September 4, RBI Governor Raghuram Rajan unexpectedly increased the repo rate by 25 basis points to 7.50 percent.

(Reporting by Mumbai newsroom; Editing by Supriya Kurane)