RBI ups Repo and Reverse Repo by 25 basis points
November 2, 2010‐ Mumbai, India
The Reserve Bank of India has announced its yet another move attempting to tame the inflation. It revised the rates for the sixth time in the year. The Repo rate (the short-term lending rate) is up 25 basis points at 6.25%. The Reverse repo rate (the short-term borrowing rate) is up by 25 basis points at 5.25%. The Cash reserve ratio ( the level of deposits that commercial banks must keep with the central bank) is left unchanged at 6%.
With this annoucement, almost all banks will be announcing their movies. The State Bank Of Mysore has informed today that the bank has revised the Bank's Prime Lending Rate upwards by 25 bps from 12.75% p.a. to 13.00% p.a. with effect from November 01, 2010.
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