Leave CRR untouched, bankers request RBI

Leave CRR untouched, bankers request RBI

Mumbai: A delegation of bankers met the Reserve Bank of India (RBI) governor Y.V. Reddy on Thursday and is believed to have requested the central bank not to raise the cash reserve ratio (CRR)—the minimum reserve banks must maintain with RBI.

The meeting came ahead of RBI’s half-yearly monetary policy review due on 30 October.

A bank chief, who did not wish to be named, said the central bank was actively considering the suggestions made by the delegation .

The delegation was led by A.K. Khandelwal, deputy chairman of Indian Bank’s Association and chief of Bank of Baroda.

It included State Bank of India chairman O.P. Bhatt, ICICI Bank chief executive officer K.V. Kamath, Bank of India chairman and managing director T.S. Narayanasami and Citibank India chief executive Sanjay Nayar.

RBI is concerned over the strengthening rupee against the dollar, which has been persistently hurting the balance sheet of exporters.