2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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5 %
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4 %
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2 %
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3 %
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Detailed explanation-1: -The CRR is among the important components of the RBI’s monetary policy. As of 2023, the CRR Rate is 4.5% which has been effective since May 21, 2022. What is CRR in relation to the economy? This question is important as CRR is not just an isolated figure, but one that helps the RBI direct the economy.
Detailed explanation-2: -The current/ latest rates as per RBI Monetary Policy are: SLR 18.00%, CRR is 4.50%, MSF is 6.75%, Repo Rate is: 6.50%, Reverse Repo Rate is 3.35%, and Bank Rate 6.75%. New Policy Rates by RBI in Indian Banking (as on February 08, 2023): SLR Rate : 18.00% Standing Deposit Facility Rate : 6.00%
Detailed explanation-3: -CRR is a reserve maintained by banks with the RBI. It is a percentage of the banks’ deposits maintained in cash form. SLR is an obligatory reserve that commercial banks must maintain themselves. It is a percentage of commercial banks’ net demand and time liabilities, maintained as approved securities.