RBI hikes CRR by 0.5 per cent

Written by Agencies | Mumbai, July 31: | Updated: Jul 31 2007, 17:25pm hrs
Reserve Bank on Tuesday hiked by half a per cent, the amount of depositors money commercial banks' need to park with the central bank to curb money supply but left other benchmark interest rates unchanged.

With inflation hovering within its medium-term target of 4-4.5 per cent, the central bank pressed the pause button on any hike in key rates, barring the hike in Cash Reserve Ratio by 0.5 per cent to 7 per cent to suck out excess liquidity.