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Highlights of measures announced by India's central bank
Mumbai, Nov 1 (IANS) Following are the highlights of the measures announced by the Reserve Bank of India (RBI) Saturday in a bid to reduce the cost of borrowings of commercial banks and infuse additional liquidity:
- Repo rate lowered by 50 basis points to 7.5 percent
- Statutory liquidity ratio lowered 100 basis points to 24 percent
- Cash Reserve Ratio (CRR) cut by 100 basis points to 5.
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5 percent
- Special refinance facility introduced against time liabilities
- Further ad hoc cut in statutory liquidity ratio to help mutual funds
- Central bank to continue sale of foreign exchange through agent banks
- Cut in cash reserve ration to release Rs.400 billion
- Securities sold to stabilise financial market will be bought back
- Global pressures on commodity prices abating
- Global turmoil has had knock-on effects on Indian financial markets
- International money markets yet to regain calm, confidence
- Developments will be closely monitored for swift action
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