The Reserve Bank of India (RBI) today announced reduction in key interest rates in the second bi-monthly monetary policy review. As per expectations, repo and reverse repo rate reduced by 25 basis points.
Revised repo and reverse repo rate stood at 7.25% and 6.25% respectively as compared with 7.50% and 6.50% earlier. On the other hand, the central bank has kept cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 4% and 21.5% respectively.
R K Gupta, Executive Director Bank of Maharshtra on the RBI Monetary said, "Policy is as per market expectations with cautions note on monsoon and oil prices. Asset quality remains a concern for the bank and future cuts will depend on the monsoon and crude price moments."
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