RBI hikes CRR by 75 bps to 5.75% vs 5%
The Reserve Bank of India has hiked its cash reserve ratio
by 75 bps to 5.75% as against 5% at its credit policy meet today.
(100 basis points=1%) The move will be implemented in two stages.
Bankers say that even if the CRR is raised,
they have no leeway to raise rates because nobody is
demanding money much these days.
