The Reserve Bank of India reduced repo rate or the rate at which RBI lends to banks by 25 basis points from 8% to 7.75%. RBI has reduced the CRR(cash reserve ratio) from 4.25% to 4%. It has reduced cash reserve ratio by 25 basis points, which will release around Rs 18,000 crore of liquidity into the banking system. This will be effective from the fortnight beginning February 9, 2013.
The top losers for the day are State Bank of India fell by 1.32 per cent to Rs 2,357.30, HDFC Bank down by 2.54 per cent to Rs 653, Bank of India down by 4.01 per cent to Rs 341, Bank of Baroda down by 2.64 per cent to Rs 847.15, Canara Bank down by 2.23 per cent to Rs 471.80, Yes Bank down by 1.92 per cent to Rs 512.25 and Punjab National Bank down by 1.45 per cent to Rs 859.30.
