RBI keeps repo rate steady at 7.75 pct, cuts Banks SLR by 50 bps
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The Reserve Bank of India (RBI) on Tuesday held interest rates steady at 7.75 per cent after easing monetary policy just three weeks ago, leaving its next move probably until after the government presents its annual budget at the end of this month.
Instead, the Reserve Bank of India cut the statutory liquidity ratio (SLR) or the amount of bonds that lenders must set aside by 50 basis points to 21.5 per cent of deposits from the two-week cycle starting on February 7 in a bid to spur banks to inject more credit into the economy.
Most economists polled by Reuters had expected the RBI to keep its repo lending rate steady, and reduce rates later so long as the budget, due to be unveiled by Finance Minister Arun Jaitley on February 28, does not disappoint. (Financial Express)
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