The repo rate, the rate at which the Reserve Bank of
The RBI also retained its reverse repo rate at 7.00%. The reverse repo rate is the rate at which the central bank accepts deposits from banks.
The central bank kept the cash reserve ratio unchanged at 4.00%.
RBI reduced the statutory liquidity ratio of scheduled commercial banks by 50 basis points to 22.50% from 23.0%. The bank said the reduction in the required SLR will give banks more freedom to expand credit to the non-government sector.
The bank added that if the economy stays on this course, further policy tightening will not be warranted.
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