RBI rates cut since October 2008

October
On October 6, 2008 the Reserve Bank of India announced a reduction of the cash reserve ratio (CRR) for scheduled banks by 50 basis points to 8.5 per cent of net demand and time liabilities (NDTL) with effect from the fortnight beginning October 11, 2008. No change in repo and reverse repo rate

October 10, 2008 RBI decided to reduce CRR by 150 basis points to 7.50 per cent of NDTL with effect from the fortnight beginning October 11, 2008 instead of the 50 basis points reduction announced on October 6, 2008 i.e. an additional 100bp reduction in CRR after October 6.

On October 20, 2008 RBI announced a reduction in the repo rate under the Liquidity Adjustment Facility (LAF) by 100 basis points from 9.0 to 8.0 per cent.

November
On November 1, 2008 RBI took following measures:

1. Reduce the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points to 7.5 per cent with effect from November 3, 2008
2. The cash reserve ratio (CRR) of scheduled banks is reduced by 100 basis points from 6.5 per cent to 5.5 per cent of net demand and time liabilities (NDTL). This will be effected in two stages: by 50 basis points retrospectively with effect from the fortnight beginning October 25, and by a further 50 basis points prospectively with effect from the fortnight beginning November 8, 2008
3. RBI has also lowered the statutory liquidity ratio (SLR) by 100 basis points to 24 per cent

December
On December 6th, RBI further announced rates cut. The short-term lending rate (repo) will fall from 7.5% to 6.5% and borrowing (reverse repo) rate to 5 per cent with effect from December 8. RBI has since October reduced the short-term lending rate by 250 basis points. After several months, the central bank has slashed the reverse repo to 5 per cent. The RBI, however, did not change cash reserve ratio, the amount of deposits which banks are required park with the apex bank.

Current Rates Figure

CRR = 5.5%
Repo Rate = 6.5%
Reverse Repo Rate = 5%