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 The Reserve Bank of India (RBI) kept its key interest rate unchanged on Friday but cut the cash reserve ratio (CRR) that banks are required to hold for the first time in more than four years, effectively easing monetary conditions as economic growth slows.

The monetary policy committee kept the key lending rate, or repo rate, unchanged at 6.50%, but the CRR was cut by 50 basis points to 4%, effective in two tranches on Dec. 14 and Dec. 28. The cut was the first since March 2020.

For a timeline of changes to the standing deposit facility rate, click here.

For a timeline of changes to India's repo rate, click here.

Here is a timeline of changes to the CRR since 1992.

RATE (percent) EFFECTIVE DATE (day-month-year)

4.00 28-12-2024

4.25 14-12-2024

4.50 27-05-2022

4.00 28-05-2021

3.50 21-03-2021

3.00 27-03-2020

4.00 09-02-2013

4.25 03-11-2012

4.50 22-09-2012

4.75 10-03-2012

5.50 28-01-2012

6.00 24-04-2010

5.75 27-02-2010

5.50 13-02-2010

5.00 17-01-2009

5.50 08-11-2008

6.00 01-11-2008

6.50 15-10-2008

7.50 11-10-2008

9.00 30-08-2008

8.75 19-07-2008

8.50 05-07-2008

8.25 24-05-2008

8.00 10-05-2008

7.75 26-04-2008

7.50 10-11-2007

7.00 04-08-2007

6.50 28-04-2007

6.25 14-04-2007

6.00 03-03-2007

5.75 17-02-2007

5.50 08-12-2006

5.00 02-10-2004

4.75 18-09-2004

4.50 14-06-2003

4.75 16-11-2002

5.00 01-06-2002

5.50 29-12-2001

5.75 03-11-2001

7.50 19-05-2001

8.00 10-03-2001

8.25 24-02-2001

8.50 12-08-2000

8.25 29-07-2000

8.00 22-04-2000

8.50 08-04-2000

9.00 20-11-1999

9.50 06-11-1999

10.00 08-05-1999

10.50 13-03-1999

11.00 29-08-1998

10.00 11-04-1998

10.25 28-03-1998

10.50 17-01-1998

10.00 06-12-1997

9.50 22-11-1997

9.75 25-10-1997

10.00 18-01-1997

10.50 04-01-1997

11.00 09-11-1996

11.50 26-10-1996

12.00 06-07-1996

13.00 11-05-1996

13.50 27-04-1996

14.00 09-12-1995

14.50 11-11-1995

15.00 06-08-1994

14.75 09-07-1994

14.50 11-06-1994

14.00 15-05-1993

14.50 17-04-1993

15.00 08-10-1992