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RBI slashes repo rate, CRR by 25 bps each

This article was posted on Jan 29, 2013 and is filed under Market News

The rate cut, first in nine months, is likely to encourage banks to reduce their lending rates

The Reserve Bank of India ( RBI) has slashed the repo rate by 25 bps to 7.75%. The reverse repo rate will also be adjusted to 6.75% from 7%. It has also announced a cut in CRR by 25 bps to 4%, effective February 9, 2013.

The rate cut, first in nine months, is likely to encourage banks to reduce their lending rates.

The CRR cut is expected to infuse Rs 18,000 crore of liquidity into the banking system.

The central bank has revised the inflation target for March 2013 to 6.8% versus 7.5%

For more visit: Business Standard

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