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RBI lowers GDP growth rate to 8%

July 29, 2008 12:42 IST

The Reserve Bank of India [Get Quote] has lowered the fiscal GDP growth rate projection to 8 per cent, from 8.0-8.5 per cent previously.

The Reserve Bank of India on Tuesday announced stringent measures of hiking mandatory cash reserve of the banks and its short-term lending rate to them to suck up an estimated Rs 20,000 crore (Rs 200 billion).

The RBI hiked cash reserve ratio by 25 basis points to 8.75 per cent and the short-term lending (repo) rate by 50 bps to 9.00 per cent.



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