September 20, 2013 at 2:26 am
RBI reduced the marginal standing facility rate by 75 basis points to 9.5% from 10.25% with immediate effect. The measure was taken to tighten liquidity and arrest volatility in the foreign exchange market.
RBI reduced minimum daily maintenance of the cash reserve ratio from 99% of the requirement to 95%. RBI said that any further change in the minimum daily maintenance of the CRR is not contemplated.
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