The Reserve Bank of India (RBI) while announcing Annual Credit Policy for 2008-09 had hiked the Cash Reserve Ratio (the percentage of deposits that commercial banks maintain with the Reserve Bank) by 25 basis points (bps) to 8.25 per cent.
Prior to this, the apex bank on April 17 had announced a hike in CRR by 50 bps in two phases to contain inflationary expectations.