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RBI cuts CRR to 10 pc; money supply growth for 1999-2000 put at 16 pc

The Reserve Bank of India has projected a money supply (M3) growth of 16 per cent for 1999-2000 in its Credit and Monetary Policy for the first half of the financial year announced today.

The Cash Reserve Ratio to be maintained by commercial banks has been reduced by half a per cent to 10 per cent, effective May 8.

The RBI has withdrawn the general refinance facility with immediate effect. Collateralised lending facility and additional collateralised lending facility have been introduced.

April 20, 1999: The RBI's Credit and Monetary Policy

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