Friday, October 10, 2008

RBI cuts CRR by additional 1 %

Rs. 60,000 crore:

Taking swift action to inject about Rs 60,000 crore into the cash-strapped system, the Reserve Bank on Friday announced additional one per cent cut in mandatory requirements for banks to keep cash with the central bank over and above 0.50 per cent reduction announced earlier.

With this, a total 1.50 per cent cut in Cash Reserve Ratio (CRR) to 7.50 per cent will come into effect from tomorrow. To read more, please, visit - The Hindu News Update Service

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