By IANS
Mumbai : The Reserve Bank of India has kept unchanged the bank rate, which affects the rate at which commercial banks allow loans, while hiking the cash reserve ration (CRR) by 50 basis points to 7.5 percent. The hike comes into effect from Nov 10.
CRR is the amount of depositors’ money commercial banks need to park with the central bank to curb money supply.
However, the apex bank has kept key interest rates, including bank rate, unchanged.
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