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RBI announces reduction in Repo Rate, Bank Rate and CRR

The Reserve Bank of India has today announced the following measures :

  1. A reduction in Repo Rate from 8 per cent to 6 per cent effective March 3, 1999.

  2.  
  3. A reduction in Bank Rate from 9 per cent to 8 per cent effective close of business hours on March 1, 1999.

  4.  
  5. A reduction in Cash Reserve Ratio from 11 per cent to 10.5 per cent effective from the fortnight beginning on March 13, 1999.

Alpana Killawala
General Manager

Press Release : 1998-99/1118

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