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Business News

Jan 17, 2019
9:45PM

RBI-industry meet: India Inc pitches for rate cut to prop up growth

FILE PIC: PTI


A delegation of industry chambers, led by CII’s president-designate Uday Kotak, today urged the Reserve Bank of India to cut interest rate and reserve ratio to prop up growth.

In a meeting with RBI Governor Shaktikanta Das in Mumbai on Thursday, Confederation of Indian Industry - CII suggested a cut cash reserve ratio by at least 50 basis points to ease liquidity condition apart from a 50 basis point cut in repo rate to address the issue of high cost of credit. It, however lauded the apex bank for steps taken to ease financing challenges faced by the real sector, especially micro, small and medium enterprises through various measures.

CRR, currently at 4 per cent, is the percentage of deposits kept as reserves with the RBI. Repo rate, currently at 6.5 per cent, is the rate at which the central bank gives loans to the banks.

President of the Federation of Indian Chambers of Commerce and Industry, Sandip Somany too pitched for cut in CRR and repo rate as it would help in reviving the investment cycle and also boost consumption and support growth.

The Associated Chambers of Commerce and Industry of India - ASSOCHAM suggested that the economy needs credit loosening so that liquidity can sustain the growth.

The delegation also recommended that the RBI revisit the lending restrictions on the weak banks under prompt corrective action.

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