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RBI Governor to respond on CRR cut

Special Correspondent

BANGALORE : Reserve Bank of India Governor Y. V. Reddy will meet bankers shortly and respond to their demand for a one percentage point cut in the Cash Reserve Ratio, Finance Minister P. Chidambaram has said.

"The Governor will respond. Bankers are meeting the Governor today or tomorrow,'' he told reporters here on the sidelines of a seminar on `Large Taxpayer Units.'

During a recent meeting with the Finance Minister in Delhi, the chiefs of public sector banks had sought a one percentage point cut in the CRR, which is the proportion of funds that banks are required to park with the central bank.

When asked whether he will support higher short-term interest rates, the Finance Minister said, "Wait for the Governor.'' India has not been left out on talks relating to the evolution of an Asian common currency, he said. "Just because a few people have joined together and started talks on Asia Common Currency, it does not mean India is left out,'' he said.

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