Banks seeking 50 bps CRR cut at RBI policy on May 3 - Bank of Baroda
MUMBAI, April 4
MUMBAI, April 4 (Reuters) - Indian banks are seeking a 50-basis-points cut in banks' cash reserve ratio at the central bank's annual monetary policy statement 2013/14 on May 3, said Bank of Baroda Chairman and Managing Director S.S. Mundra.
Cash reserve ratio (CRR) is the share of deposits that banks must set aside in cash with the central bank. The Reserve Bank of India has cut CRR, which now stands at 4 percent, by 200 basis points since January 2012 to ease tight liquidity in the banking system.
The RBI has cut interest rates in last two successive policy reviews by a total of 50 basis points so far in 2013, but has cautioned about limited room for further easing due to high inflation and current account deficit. (Reporting by Shamik Paul; Editing by Sunil Nair)
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