Show: Business
Category: Business
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Pranab Mukherjee,RBI,Repo Rate,CRR,Economy,New Delhi
Published Date: December 16, 2011
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New Delhi, December 16 (ANI): Union Finance Minister Pranab Mukherjee has welcomed the Reserve Bank of Indis's move to keep the policy rates unchanged at the latest mid quarter monetary policy review after 13 consecutive hikes since March 2010.The central bank maintained Repo Rate (rate at which banks borrow from RBI) at 8.5 per cent, Reverse Repo Rate (rate at which the RBI borrows from banks) at 7.5 per cent. The RBI has also decided to retain the cash reserve ratio (CRR), the amount banks need to park with the RBI, at six per cent.