New Reserve Bank of India governor Raghuram Rajan, in a surprise move, raised the repo rate by 25 basis points to 7.5 per cent as he presented his first monetary policy review after taking over earlier this month.
With this, the reverse repo rate, or the rate at which the RBI sucks out liquidity, stands revised at 6.5 per cent.
The central bank also revised the Marginal Standing Facility - the rate at which banks access funds for emergency needs - by 75 basis points to 9.5 per cent. Former governor D. Subbarao had raised the MSF by 200 basis points in July as part of slew of cash tightening steps aimed at rescuing the rupee.
The cash reserve ratio, or the portion of deposits banks have to maintain with the central bank, stands unchanged at 4 per cent.
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- Unknown Updated at: Friday, September 20, 2013
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