RBI hikes cash reserve ratio

Mumbai, July 31: The Reserve Bank has hiked cash reserve ratio by 50 basis points to 7 per cent from August 4.

The RBI, in the first quarter review of the monetary policy, has kept Reverse repo rate, Repo rate and Bank rates unchanged.

Ceiling of Rs 3,000 crore on daily reverse repo under the LAF has been removed with effect from August 6, 2007.

UNI