Business

24th January RBI reduced the CRR rate of 0.5 percent. Amended CRR is currently 5.5 percent, which was formerly 6 percent, that would be valid as of 28 January 2012. What does this mean for banks, economy, and the common man?

BANKS

CRR refers to Cash reserve ratio that banks have to maintain with the Reserve Bank of India (RBI). This reserve is that each bank must hold to customer deposits RBI. Cut CRR for banks would certainly be helpful, because they have more money to lend / invest in producing a profit. RBI also provides a form of risk of rising debt / non-performing assets (NPA’s disease) due to this move.

ECONOMY

Today, the RBI has been turning to the open market operation of the OMO, or bought back 70,000 crore rupees worth of government securities market in the recent past. As of now, the inflation forecast of 7 percent at the end of March. CRR cut is facilitated by the injection of 32,000 crore rupees in the economy, interest rates substantially to help soothe. RBI reduced the FY13 GDP growth forecast to 7 per cent and 7.6 per cent had left his wholesale price index inflation rate unchanged at 7 percent. However, the RBI has decided to keep the repo rate (repurchase rate, or short-term lending rate), in which it lends to banks unchanged at 8.5 percent, keeping in mind that the fall of the global economy as well as slowing domestic economy. Reverse repo (rate at which RBI lends to banks) are also being held 7.5 percent.

Impact on the common MAN

Banks have more money to lend to the common man. Currently there is no change in interest rates but may be lower than expected in the future. It is not the immediate release of electronic home and auto loan borrowers, however, is definitely a reduction cards. Inflationary pressures remain, but the hope is that prices are just the next fiscal year, which begins in April.

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