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This is the third time that the central bank has cut the Cash Reserve Ratio in two weeks, bringing the combined cut to 2.50 per cent that released a total of Rs 100,000 crore into the cash-starved banking sector so that they can resume normal lending operations.
With this cut, the CRR would be 6.5 per cent as against 9 per cent at the start of this month.
RBI has also raised the interest rates ceiling on deposits by non-residents by 50 basis points to attract foreign funds inflow.
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