Reserve Bank of India raises Cash Reserve Ratio (CRR) to 7.5%

in Company & Markets,Economy & Policy

Reserve Bank of India (RBI) has raised the cash reserve ratio of banks from 7% to 7.5%, to cut the amount of rupees in circulation in wake of the booming indian economy.
RBI expects the economy to grow 8.5% in the year to 31 March 2008.

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