RBI hikes CRR by 50bps to 6%Our Web Bureau / Mumbai February 14, 2007The Reserve Bank of India (RBI) today hiked the cash reserve ratio by 50 bps to 6% in two stages from February 17 and March 3.The move is expected to drain liquidity of around Rs 14,000 crore from the system.Following is the press release issued by RBI:It may be recalled that in the Third Quarter Review of the Annual Statement on Monetary Policy for the year 2006-07, the stance of monetary policy was set out. The Review inter alia stated :"Hence, a determined and co-ordinated effort by all to contain inflation without unduly impacting the growth momentum is not only an economic necessity but also a moral compulsion. To the extent the current inflationary pressures are attributable to monetary conditions, it is essential to undertake appropriate measures, in continuation of those already taken and in the light of anticipated developments." (paragraph 77)The Review also emphasised that:"The Reserve Bank
