The Reserve Bank of India (RBI) has cut has cut repo rate and reverse repo rate by 25 basis points. The RBI’s decision today left the cash reserve ratio (CRR) unchanged. After today’s decision, the repo rate stands at 3.25 per cent while reverse repo rate stands at 4.75 per cent. It has said that there is room for banks to cut lending rates and has asked banks to review their benchmark prime lending rates (BPLR). A committee has now been formed to review the BPLR system.
India’s central bank said today that it expects FY10 GDP growth to be at 6 per cent. This is a further scaling down from the FY09 GDP growth target of 7 per cent. Its statement said that credit growth in the current financial year (ending March 2010) could touch 20 per cent while deposit growth is estimated at 18 per cent. Read More
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