RBI cuts CRR to 9%, gives growth a turbo-push The last monetary policy of the millennium, unveiled by Reserve Bank of India governor Bimal Jalan on Friday, fired on all cylinders to spur growth. Thumbs-up from Sinha Finance minister Yashwant Sinha on Friday welcomed the busy season credit policy announced by the Reserve Bank and hoped that the measures announced by governor Bimal Jalan would, "augment liquidity and help trade and industry." Banks and FIs unlikely to cut lending rates Taking a cue from Bimal Jalan's easy money policy, at least one public sector bank cut its deposit rates within hours of the announcement of one percentage point CRR cut while another new generation private sector bank is set to cut it on Monday. Selling stampede sends shivers down Sensex spine; shaves off 150 points Selling pressure on the bourses continued for the second day, shaving another 150 points off the Sensex. The panic-selling saw the Sensex crash by 232.55 points intra-day.
RBI cuts CRR to 9%, gives growth a turbo-push
Thumbs-up from Sinha
Banks and FIs unlikely to cut lending rates
Selling stampede sends shivers down Sensex spine; shaves off 150 points