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RBI says to withdraw temporary cash reserve ratio hike

Reuters
A man holds 2000 Indian rupees notes as he gets out of a bank in Mumbai, India, November 24, 2016. REUTERS/Danish Siddiqui

MUMBAI (Reuters) - The Reserve Bank of India said on Wednesday it would withdraw the temporary 100 percent hike in the cash reserve ratio announced late last month that was intended to absorb the extra liquidity created after the country banned higher-value notes.

The withdrawal will start in the fortnight beginning Dec. 10, the RBI said in a statement.

The RBI temporarily hiked the CRR to 100 percent as banks were awash with deposits as people turned in their abolished notes, but said the measure was no longer needed after the government agreed to issue special bonds to absorb the liquidity.

(Reporting by Rafael Nam; Editing by Sherry Jacob-Phillips)