RBI hikes CRR by 25 bps
The Reserve Bank of India Governor YV Reddy on Tuesday hiked the cash reserve ratio (CRR) by 25 bps to 8.25 per cent from 8 per cent while announcing the monetary policy. RBI, however, left the repo, reverse repo rate and bank rate unchanged. The central bank is targeting an inflation of 5.5 per cent by March 2009 and is expecting a GDP growth of 8-8.5 per cent in the same period.
