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Week that was: Market rejoice government’s reform push
Fri, Sep 21, 2012 at 17:22
RBI cuts CRR by 25bps: The Reserve Bank of India (RBI) on Monday kept repo rate, the key policy rate unchanged in its mid quarter monetary policy review, but cut cash reserve ratio (CRR) by 25 basis points to 4.50%. CRR is the portion of deposits that banks keep with the RBI. However, it normally does not earn any interest for banks. The policy action is almost in line with market expectations.