RBI cuts CRR by 100 bps to 6.5%
The Reserve Bank of India on Wednesday cut the Cash Reserve Ratio (CRR) by 100 basis points. It said that the CRR cut would release Rs 40000 crore. RBI also raised ceilings on FCNR and NRE deposit rates by 50 bps each. This is the third CRR cut in the past nine days. The total cut is 250 bps.
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