SBI chief for cut in CRR, repo rate

State Bank of India has urged Reserve Bank of India to reduce Cash Reserve Ratio by 100 basis points and repo rate by 50 basis points.

“Reserve Bank of India’s monetary policy is going to be announced on January 29. We have made a request to reduce CRR by 100 basis points and repo rate by 50 basis points. We feel it is very important to bring down the rate of interest, otherwise investment climate will not pick up and there will be difficulty in generation of employment,” said Pratip Chaudhuri, Chairman of SBI, addressing a press conference here on Tuesday.