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Changes to Indian banks' cash reserve ratio

The outcome of the Indian central bank's policy review on Tuesday looks too close to call.

business Updated: Apr 29, 2008 14:26 IST

The outcome of the Indian central bank's policy review on Tuesday looks too close to call with a slim majority of economists polled by Reuters predicting no interest rate change and the rest betting on a moderate rise.

The central bank said on April 17 it was raising the cash reserve ratio (CRR), the proportion of deposits banks must keep aside, by 50 basis points to 8 percent in two phases to curb inflation. The first is on April 26 and the second on May 10.

None of the economists in the Reuters poll expected another CRR increase at Tuesday's review. Following is a chronology of changes in the CRR. The data is sourced from the Reserve Bank of India's Web site www.rbi.org.in.

Chronology

Rate
Effective date
8.00
10-05-2008
7.75
26-04-2008
7.50
10-11-2007
7.00
04-08-2007
6.50
28-04-2007
6.25
14-04-2007
6.00
03-03-2007
5.75
17-02-2007
5.50
08-12-2006
5.00
02-10-2004
4.75
18-09-2004
4.50
14-06-2003
4.75
16-11-2002
5.00
01-06-2002
5.50
29-12-2001
5.75
03-11-2001
7.50
19-05-2001
8.00
10-03-2001
8.25
24-02-2001
8.50
12-08-2000
8.25
29-07-2000
8.00
22-04-2000
8.50
08-04-2000
9.00
20-11-1999
9.50
06-11-1999
10.00
08-05-1999
10.50
13-03-1999
11.00
29-08-1998
10.00
11-04-1998
10.25
28-03-1998
10.50
17-01-1998
10.00
06-12-1997
9.50
22-11-1997
9.75
25-10-1997
10.00
18-01-1997
10.50
04-01-1997
11.00
09-11-1996
11.50
26-10-1996
12.00
06-07-1996
13.00
11-05-1996
13.50
27-04-1996
14.00
09-12-1995
14.50
11-11-1995
15.00
06-08-1994
14.75
09-07-1994
14.50
11-06-1994
14.00
15-05-1993
14.50
17-04-1993
15.00
08-10-1992
15.00
21-04-1992
15.00
11-01-1992
15.00
04-05-1991
15.00
01-07-1989
11.00
30-07-1988
10.50
02-07-1988
10.00
23-04-1988
10.00
24-10-1987
9.50
23-05-1987
9.50
28-02-1987
9.00
22-11-1986
9.00
26-10-1985
9.00
01-12-1984
9.00
27-10-1984
9.00
04-02-1984
8.50
12-11-1983
8.50
27-08-1983
8.00
29-07-1983
7.50
27-05-1983
7.00
11-06-1982
7.25
09-04-1982
7.75
29-01-1982
7.50
25-12-1981
7.25
27-11-1981
7.00
21-08-1981
6.50
31-07-1981
6.00
05-06-1979
6.00
01-07-1978
6.00
14-01-1977
6.00
13-11-1976
5.00
04-09-1976
4.00
28-12-1974
4.50
14-12-1974
5.00
01-07-1974
7.00
22-09-1973
6.00
08-09-1973
5.00
29-06-1973
3.00
16-09-1962