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Cash Reserve Ratio rate cut to 7.5 per cent
October 10, 2008 by financeminister
Reserve Bank of India has today announced additional one per cent cut in Cash Reserve Ratio (CRR) of Banks. This is in addition to the 0.5 percent cut announced earlier. This brings the CRR to 7.5 percent.
CRR is the amount of cash that banks have to keep with the central bank.