RBI Policy Impact: Financials gain, PSU Bank index rises 2% on CRR cut

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RBI Policy Impact: Financials gain, PSU Bank index rises 2% on CRR cut - Business Standard

Quick Summary:

Uco Bank, Indian Overseas Bank, Central Bank of India, Bank of Baroda, Canara Bank and Union Bank were up in the range of 2 per cent to 2.5 per cent.

Alongside the growth outlook of 7.2 per cent for FY25 has been taken down to 6.6 per cent, with the recent slowdown in growth.

As widely expected, RBI has held its policy rate at 6.5 per cent, while announcing a CRR cut of 50 bps in two tranches of 25 bps each over the next two fortnights.