Indian cash rates flat; CRR cut talk grows


13/06/2012 07:07 AST  The Economic Times

Indian cash rate was at 8.05/8.10 per cent, largely steady versus 8.10/8.15 percent close on Monday, as banks adequately covered ahead of reporting fortnight.

Traders said that the buzz about cash reserve ratio cut is growing stronger after April factory output barely grew, as some economists argued repo rate cuts would be ineffective given tight cash conditions in India's financial system that are contributing to impeding growth.

Financial Services Secretary D.K. Mittal said state-run banks would welcome a 1 percentage point cut in the CRR.

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