CRR means 'Cash Reserve Ratio'. A part of the banks' money to be deposited with RBI. Hence, the money available with banking system will be relatively low in case of a CRR hike. Lesser money in banking system means lesser credit to industries and individuals. This means lesser growth.
A CRR hike can lower inflation. Too much money in the hand of consumers/industry when demand exists, will help price rise.
However, if the inflation is due to supply shocks (lesser supply due to supply constraints), a tighhter monetary policy cant help.
RR-> Repo rate: Rate at which banks borrow from RBI or other Financial institutions by hypothecating securities. RRR->Reverse repo rate: The repurchase rate of the said securities.
CRR is a quantitative measure wherein Repo/Reverse Repo are rate measures.
