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JSW Steel Comments "Timely" On India's CRR Cut
Reserve Bank of India (RBI) decided on the reduction of Cash Reserve Ratio (CRR) for banks by 50 basis points from 6.0% to 5.5% from Jan 28 to ease liquidity constraints. JSW Steel's Jt MD & Group CFO Mr Seshagiri Rao commented, "When there is tight liquidity conditions forcing banks to borrow Rs. 150,000 crores under Liquidity Adjustment Facility (LAF) window, the cut in CRR by 0.5% is very timely to provide liquidity in the Banking system. It is also very much essential to cut policy rates to boost sentiment and revive the investment cycle." CRR is the ratio that banks are required to keep their liquid cash with RBI to ensure safety and liquidity of deposits. CRR cut is the first time after three years in January 2009.
last modified : Tue 31 Jan, 2012 [12:06]
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