The Reserve Bank of India has cut the REPO rate by 50 basis points to 7.5% with effect November 3.
It has also cut CRR, by 100 bps in two stages to 5.5%. The first stage of CRR cut would be with effect October 25 and the second stage would come into effect November 8. The 100-bps CRR cut will infuse Rs 40,000 crore into the system, the RBI said.
The central bank will also cut SLR to 24% by 100 bps from November 8 onwards.
