Friday, January 29, 2010

CRR hiked by 75 bps from 5% to 5.75%

Highlights of third quarter review of the monetary policy

  • CRR hiked by 75 bps from 5% to 5.75%.
  • CRR hike to happen in 2 stages; first hike by 50 bps by Feb 13 and second stage hike of 25 bps from Feb 27.
  • Reverse repo and Repo rate to remain unchanged at 3.25% and 4.75% respectively.
  • Bank Rate has been retained at 6%.
  • As a result of the increase in the CRR, about Rs. 36,000 Crores of excess liquidity will be absorbed from the system.
  • Reduction in excess liquidity will help anchor inflationary expectations: RBI
  • RBI has increased GDP growth projection to 7.5% vs. 6%.
  • WPI inflation projection has been raised to 8.5% from 6.5%.
  • RBI revises Credit Growth forecast to 16% from 18%
  • RBI revises Deposit Growth forecast to 17% from 18%
  • M3 growth forecast has been revised to 16.5% vs. 17%.

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