RBI raises CRR by 50 bps to 4.5% from May 21

The decision was announced by RBI Governor Shaktikanta Das after an off-cycle meeting of the rate-setting panel - Monetary Policy Committee (MPC).

RBI Governor Shaktikanta Das.

The Reserve Bank on Wednesday announced a hike in cash reserve ratio (CRR) by 50 basis points to 4.5 per cent, effective May 21, which will take out Rs 87,000 crore liquidity from the system.

The decision was announced by RBI Governor Shaktikanta Das after an off-cycle meeting of the rate-setting panel — Monetary Policy Committee (MPC).

CRR is a percentage of a bank’s total deposits that it needs to maintain as liquid cash. The MPC also decided to raise the repo rate or the short-term lending rate by 40 basis points to 4.4 per cent.

Parthala flyover in Noida barely visible through a dense cover of smog

2 days after Diwali, Delhi continues to inhale ‘very poor’ air

Cities2 hr ago

Residents in Delhi once again woke up to thick smog on Wednesday morning, with an AQI of 345 on October 22 at 5.30 am, falling in the ‘very poor’ category according to the Central Pollution Control Board (CPCB). This is the second consecutive day of deteriorating air quality in Delhi, after the national capital celebrated Diwali.

View all shorts

Live Blog

PHOTOS