RBI hiked Cash Reserve Ratio (CRR) by 0.25 per cent,repo rate unchanged

• The RBI on Tuesday (29th April 2008)hiked Cash Reserve Ratio (CRR) by 0.25 per cent from May 24 to control inflation-stoking cash in the system but kept all other official rates (repo, reverse repo, bank rates )unchanged.
• The central bank projected economic growth of 8.0 to 8.5 percent in the fiscal year that began this month, after an estimated 8.7 percent in 2007/08, and aimed for inflation of "around 5.5 percent" this fiscal year but with the goal of lowering it close to 5.0 percent as soon as possible.
• The decision comes as annual inflation holds above 7 percent, its highest in more than three years, due in part to rises in international food, oil and metal prices.