RBI CRR hikes to increase overnight rates
CRR has been hiked to 4.5% from 4%, now taking it above the pre pandemic level when it was reduced to 3% as part of the central’s banks efforts to support the economy due to the pandemic and subsequently raised to 3.5% in 2021. In his statement governor Shaktikanta Das said the hike in CRR was to ensure, liquidity conditions are “modulated in line with the policy action.”
ASBA-designated bank branches to remain open on Sunday for LIC IPO: Reserve BankThe Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday.
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