SBI pitches for cut in repo rate, CRR

BHUBANESWAR, JAN 22: 

Pitching for a cut in interest rates and cash reserve ratio by the Reserve Bank of India, State Bank of India Chairman Pratip Chaudhuri today said the move will boost investment and growth.

“As RBI’s monetary policy review is slated on January 29, we have already requested for a cut in cash reserve ratio by up to 100 basis points (1 per cent) and repo rate by 50 basis points (0.5 per cent),” Chaudhuri told reporters here at an event.

Stating that he was thankful to RBI for reducing CRR, the amount banks have to keep as deposits with the central bank, from six per cent to 4.25 per cent, he said in view of high inflation prevailing in the country the interest rate needs to be lowered to avoid stagnation.

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