Reserve Bank of India cuts CRR by 150 basis points
10 Oct 2008, 1245 Hrs

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New Delhi, Oct 10 The Reserve Bank of India on Friday reduced the Cash Reserve Ratio (CRR) by 150 basis points to 7.5 per cent from 9 per cent.

The move will come into effect from October 11.

"Accordingly, on a review of the evolving liquidity situation in the context of global and domestic developments it has been decided to reduce CRR by 150 basis points to 7.50 per cent with effect from the fortnight beginning October 11, 2008 instead of 50 basis points reduction announced on October 6, 2008," RBI said in a statement here.

The CRR cut will release Rs 60,000 crore into the Indian financial system. (ANI)

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