The stock markets were keenly following the Reserve Bank of India (RBI) for moves to reign in inflation and ensure growth. This was for the simple reason that the inflation rate has been rising consistently.
Interest rates and credit are important constituents for industry. Corporate performance is to a great extent tied up with the availability of credit and the cost at which it is available. Inflation is a major concern.
So, the RBI had the tough task of balancing growth and liquidity. In the credit policy review it has left its short-term interest rates unchanged, but raised the cash reserve requirements of banks by a higher-than-expected 75 basis points, to be implemented in two phases. It also warned of rising inflation. The RBI has increased the cash reserve ratio (CRR) by 75 basis points as against market expectation of 50. It has clearly indicated its intention to control inflation.
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