India pledges more liquidity

The Reserve Bank of India on Wednesday took further steps to shore up liquidity, judging that the global turmoil warranted action.

The Reserve Bank lowered its cash reserve ratio for the second time in the last week by 100 basis points to 6.5%. The change comes on top of a similar move last week and will apply from Saturday 11 October, meaning that the reserve requirement fell by 250 basis points in total over the weekend. The Reserve Bank expected the measure to release Rs40,000 crore ($8.6

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