Reserve Bank of India (RBI) has slashed the cash reserve ratio (CRR) by 50 basis points (bps) to 5.5% effective from 28th January 2012. Cut is expected to infuse Rs 32,000 crore by simplifying the system of tight liquidity. But it has left its key policy rates unchanged in its third quarter monetary policy (October-December).
CRR is a fixed proportion of total deposits and net demand and time liabilities (NDTL) that banks are obliged to keep with the Reserve Bank of India. There are currently 6%. This means that each RS 100 deposits from banks to RBI as CRR instead of Rs 5.50 RS sixth
RBI has hiked interest rates 13 times since March 2010. However, the reverse repo and repo rate remained at 7.50% and 8.50 unchanaged% in the past two credit policies in line with market expectations. But some market participants were anticipating a small cut in CRR indeed. Since 2009, this is the first time went to the RBI to reduce the ratio.
"In reducing the CRR, the Reserve Bank is trying to address the structural pressure on liquidity in a manner not inconsistent with the prevailing monetary policy," D Subbarao, Governor of the RBI said in a statement.
"Based on the current trajectory of inflation, for inflation is suppressed, it is premature to begin to reduce policy rates. However, the persistence of tight liquidity conditions can disrupt the flow of credit growth and further exacerbate the risks. In this context, CRR is the most persistent liquidity injections over time."
The banks have seen an average loan of about 1.30 to 1.40 lakh crore daily from the RBI repo window at 8.50%. According to analysts, the marginal rate is significantly higher than the average level of around Rs 70.000 to 80.000 crore. Through the repo counter, the RBI lends to banks in meeting their liquidity requirement.
Meanwhile, the RBI has cut FY12 GDP forecast of 7% of 7.6%. He has kept inflation forecast unchanged at 7%.
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