(Bloomberg) -- India's central bank unexpectedly
ordered lenders to set aside larger reserves for the third time
in a year to remove excess money that may stoke inflation.
Reserve Bank of India Governor Yaga Venugopal Reddy will
lift the cash reserve ratio, or the proportion of cash
commercial banks must put aside against deposits, to 7 percent
from 6.5 percent. The Mumbai-based central bank today also held
its benchmark interest rate at a five-year high of 7.75 percent.
Read more at Bloomberg Emerging Markets News
ordered lenders to set aside larger reserves for the third time
in a year to remove excess money that may stoke inflation.
Reserve Bank of India Governor Yaga Venugopal Reddy will
lift the cash reserve ratio, or the proportion of cash
commercial banks must put aside against deposits, to 7 percent
from 6.5 percent. The Mumbai-based central bank today also held
its benchmark interest rate at a five-year high of 7.75 percent.
Read more at Bloomberg Emerging Markets News
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