Weak Q2 GDP may prompt RBI to go for a CRR cut: Experts
Economists from the Bank of Baroda, ICICI Bank, HSBC and Standard Chartered now expect a CRR cut later this week as the Reserve Bank of India (RBI) would rely on the CRR lever, instead of the policy rates, to support growth through liquidity injection.
CRR refers to the cash lenders must set aside as part of prudential norms. These funds, kept with the RBI, don't earn any interest. The pressure on the rupee, lower government cash balance and foreign portfolio (FPI) outflows have combined to cast a shadow on growth, although concerns over inflations haven't yet receded.
Currently, CRR stands at 4.5% and the threshold was last changed with a 50 basis point hike in May 2022. One basis point is 0.01 percentage point.
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