Economists and financial analysts today welcomed the Reserve Bank of India's decision to cut repo rate. The RBI unexpectedly also reduced the cash reserve ratio (CRR), which will infuse an additional 180 billion rupees into the banking system. A financial analyst, Sunil Shah said in Mumbai that the markets were not expecting any CRR cut. Meanwhile, President of Federation of Indian Chamber of Commerce and Industry (FICCI) Naina Lal Kidwai said that a cut in the repo rate was widely expected.
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