Is RBI justified in hiking the CRR rate?

RBI recently hiked the CRR rate by 0.5% in order to control the inflation which is at a 3 year record high. This anti-inflationary move is expected to suck out liquidity from the banking system to the tune of Rs. 18500 cr. But it also puts corporate investments in a spot of bother as banks will have less funds to let out. In such a macro economic situation the RBI move has received a mixed response.