[www.keralites.net] New RBI Governor bites the bullet, raises repo by 25 bps

 

New RBI Governor bites the bullet, raises repo by 25 bps

 

The new Reserve Bank of India chief Raghuram Rajan announced his first monetary policy statement today  and said that high inflation is a cause for concern

RBI's new governor Raghuram Rajan today bit the bullet by hiking the  repo rate by 25 basis points to 7.5%.

Economists had widely expected the RBI to leave the repo rate unchanged.

The central bank, however, reduced the Marginal Standing Facility (MSF) rate by 75 basis points to 9.5%.

The reverse repo rate stands adjusted at 6.5%.

RBI also reduced the minimum daily maintenance of the cash reserve ratio (CRR) from 99% of the requirement to 95% effective from the fortnight beginning September 21, while keeping the CRR unchanged at 4%.

 

Best Regards

Prakash Nair

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www.keralites.net

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