RBI hikes CRR by 50 bps to 7%

PUBLISHED ON: August 1, 2007

   
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If you thought Reserve Bank of India's (RBI) inflation worries were over Governor YV Reddy proved everyone wrong.In the first quarter review of the credit and monetary policy he decided to hike the cash reserve ratio by 50 basis points to 7 per cent draining out over Rs 16,000 crore from the system.
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