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Network 18 poll shows people surprised by RBI's moves
Published on Fri, Oct 24, 2008 at 09:39 in Business section
Tags: RBI Monetary Policy, CRR , New Delhi
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New Delhi: CNBC-TV18 conducted a poll on people's opinions about the recent moves by the RBI to infuse liquidity into the Indian market.
The Network 18 poll on the credit policy found that 42 per cent expected a cut in Cash Reserve Ration while 58 per cent said it was not likely.
With regard to a repo cut, 35 per cent said they did expect a slash while 65 per cent disagreed.
As for cuts in Statutory Liquidity Ratio (SLR), 65 per cent expected it while 35 per cent there would be no cuts.
The Reserve Bank, on October 15 had declared a further cut by one per cent in Cash Reserve Ratio (CRR).
CRR is the amount of mandatory cash that banks need to park with it.
The move would unlock Rs 40,000 crore into the financial system and pave the way for lower lending rates.
This was the third time that the RBI has cut the Cash Reserve Ratio (CRR) in two weeks.
The move is supposed to bring the combined cut to 2.50 per cent that released a total of Rs 100,000 crore into the cash-starved banking sector.
It is designed to help banks and the markets resume normal lending operations.
The Reserve Bank of India (RBI) also cut the short-term lending (repo) rate by 100 basis points (BPS) to 8 per cent on October 20.
Finance Minister P Chidambaram had then said that the repo rate cut was another step to ease liquidity.
The Finance minister also added that the move will kick start growth that had turned sluggish recently.
The CNBC TV-18 poll showed a mixed basket of opinions on the expectations towards the credit policy.
- Do You Expect CRR cut?
YES: 42 per cent
NO: 58 per cent
- Do You Expect Repo cut?
YES: 35 per cent
NO: 65 per cent
- Do You Expect SLR Cut?
YES: per cent
NO: per cent
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