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RBI cuts CRR by 50 bps, leaves policy rates unchanged
This article was posted on Jan 24, 2012 and is filed under Market News
The Reserve Bank of India (RBI) has left its key policy rates unchanged in its third quarter monetary policy (October-December). However, contrary to many experts, the central bank has cut cash reserve ratio (CRR) by 50 basis points (bps) to 5.5% effective from January 28. The CRR cut is likely to infuse Rs 32000 crore into banks.
RBI has hiked the policy rates 13 times since March 2010. The market was expecting no rate hike.
Meanwhile, RBI has cut FY12 gross domestic product forecast to 7% from 7.6%. It has kept inflation forecast unchanged at 7%.
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