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Tuesday, July 28, 2009

RBI leaves key policy rates, CRR unchanged

The central bank kept rates on hold at its policy review today, 28 July 2009.

The central bank at its policy review today, 28 July 2009 kept key policy rates unchanged. It also kept bank's cash reserve ratio (CRR) unchanged.

Reserve Bank of India (RBI) had cut the repo rate, or its key short-term lending rate, by 425 basis points to 4.75% in six steps since October 2008 as it tried to guard a slowing economy against the global financial crisis.

The central bank also slashed the reverse-repo rate by 275 basis points since early December 2008 and brought down the cash reserve requirement (the proportion of deposits that banks set aside), by 400 basis points to 5% since early October 2008 to keep credit flowing.

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