In a move cheered by both economists and industrialists, the Reserve Bank of India (RBI) cut the cash reserve ratio ( CRR) by 25 basis points to 4.50 per cent in its monetary policy review. The decision will infuse Rs 17,000 crore into the banking system. The central bank kept key interest rates unchanged, stating that the primary focus of monetary policy remains fighting inflation. The repo rate was kept status quo at 8%. The government policy action has paved way for good inflation-growth dynamics, RBI observed in its credit policy review.
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