APEX industry bodies are split over RBI’s credit policy. While Ficci termed it as “falling short of industry expectation” (which was expecting a one per cent reduction in cash reserve ratio (CRR) and bank rate), CII said the 0.25 per cent cut in the two rates “reiterates the RBI’s commitment to facilitate a softer interest rate regime.” Assocham welcomed the policy but said that it was expecting a reduction of 50 basis point in the bank rate. CII president Ashok Soota however, has expressed his disappointment over RBI’s decision to keep the administered savings rate unchanged. Fieo president P.D. Patodia has expressed disappointment saying that it offers no respite to exporters.
