........Late on Monday, the Reserve Bank of India moved in to check speculation in the currency market and fixed a daily limit on how much banks can borrow from the central bank - 1% of banks' deposit base or Rs. 75,000 crore, for the entire banking system. If a bank requires more funds, it can borrow emergency money using the marginal standing facility (MSF) at sharply costlier 10.25% from 8.25% earlier. Higher prices have hurt family budgets hard, especially at a time when firms, squeezed by costly input and borrowing costs, have offered meagre salary hikes and are holding back expansion and hiring..............
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