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RBI may raise CRR again
Wednesday,15th August 2007
|
The Reserve Bank of India (RBI) may hike the cash
reserve ratio (CRR) by another 50 basis points in 2007 to suck out funds pumped
in by its intervention in the currency market, said Singapore based DBS bank
Limited in a report. CRR is the amount that banks need to keep with the RBI,
earning very little as interest. This forces banks to increase
interest
rate on
loans. The RBI raised the CRR to 7 per cent from 6.5 per cent in July 2007-the highest since November 2001. |
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