RBI keeps repo rate unchanged, cuts CRR; FY25 growth forecast lowered

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RBI keeps repo rate unchanged, cuts CRR; FY25 growth forecast lowered - Business Standard

Quick Summary:

Governor Das cited tight liquidity conditions for the RBI’s decision to reduce CRR in two tranches.“Even as liquidity in the banking system remains adequate, systemic liquidity may tighten in the coming months due to tax outflows, a rise in currency in circulation, and volatility in capital flows,” he said.

Even as it reduced the cash reserve ratio (CRR) by 50 basis points to 4 per cent to boost liquidity in the system, it lowered the 2024-25 gross domestic product (GDP) growth projection to 6.6 per cent from 7.2 per cent earlier.

RBI Governor Shaktikanta Das, who is completing his second three-year term in office next week, said: “Since the last policy review, inflation has been increasing, while there has been a moderation in growth.