| | NEWS FLASH
| The Reserve Bank of India on Monday kept its repo rate and CRR rate unchanged.
Repo, or repurchase, rate is the rate of interest at which banks borrow money from RBI. This is a reference rate used by banks to lend to their customers like companies and individuals. The cash reserve ratio, the portion of deposits that banks must keep with the central bank, was left unchanged at 4.75 per cent.
After cutting its policy rate by 50 basis points to 8.00 percent in April, the RBI had been widely expected to leave rates unchanged in June. But global and domestic economic conditions have deteriorated sharply since then. | |
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RBI just crashed all hopes. However the rates will come down over the nex few months given the sluggish growth and lower credit offtake.
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