The central bank's key measures were; hiking the bank rate by 200 basis points to 11 per cent, raising the cash reserve ratio by 50 basis points to 10 . 5 per cent to mop up Rs2, 500 crore from the system, slashing export and general refinance limits, doubling import surcharge to 30 per cent and lifting the repos rate to 9 per cent from 7 per cent.
