Rediff India Abroad
 Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Get news updates:
Mobile Downloads
Text 67333

Home > India > Business > PTI > Report

   Discuss   |      Email   |      Print   |   Get latest news on your desktop

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.

© Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

   Email   |      Print   |   Get latest news on your desktop