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06-12-2024 11:18 AM | Source: Reuters
India cenbank cuts banks` cash reserve ratio to ease liquidity conditions
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The Reserve Bank of India (RBI) has decided to cut banks' cash reserve ratio by 50 basis points to 4%, Governor Shaktikanta Das said in his monetary policy address on Friday.
The cash reserve ratio, or CRR, is the proportion of deposits that banks need to set aside as cash.
The cut will be in two tranches of 25 basis points each, kicking in on Dec. 14 and Dec 28.
The reduction in CRR would free up 1.16 trillion rupees in the banking system, Das said.
Earlier, the central bank maintained its key interest rate.
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