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Money > Reuters > Report October 22, 2001 |
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CRR rate hike to earn Indian banks Rs 10 billion
In its mid-term monetary policy review announced earlier in the day, the Reserve Bank of India said it will pay the bank rate -- currently at 6.5 per cent -- on cash reserve balances banks held with it. Earlier, it paid an interest of six per cent. The RBI has also lowered the amount banks need to maintain as cash balances with the central bank. In the policy, it announced a cut in the cash reserve ratio to 5.5 per cent from 7.5 per cent in two phases. The first cut to 5.75 per cent will be from November 3, and the second to 5.5 per cent takes effect on December 29. YOU MAY ALSO WANT TO READ:
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