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RBI hikes CRR to 7%; other key rates unchanged July 31, 2007 12:17 IST Reserve Bank of India [Get Quote] hikes cash reserve ratio by 0.5 per cent to 7 per cent, leaves other key rates unchanged in credit policy review. India's central bank withdraws cap of Rs 3,000 crore (Rs 30 billion) on daily reverse repo (overnight borrowing) transaction from August 6. RBI retains 8.5 per cent GDP growth projection for 2007-08; its outlook on inflation remains unchanged.
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