Reserve
Bank of India (RBI) deputy governor Rakesh Mohan today said there was
no material change in the factors influencing the economy since last
week's tightening of monetary policy. Reserve Bank of India (RBI) had
given a strong signal that interest rates in the economy are headed
north when it on Tuesday, 24 June 2008, raised repo and cash reserve
ratio (CRR) by 50 basis points each on control over 11% inflation.
The
double-stroke anti-inflationary measures are expected to tighten the
liquidity in the system, as the CRR hike would suck out around Rs
16,000 crore. CRR is the proportion of deposits mobilised by banks and
parked with the RBI for statutory requirement. Banks do not earn any
interest on the cash reserves. Repo rate is the rate at which RBI lends
money to banks.
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