Chambers for quick cut in repo, CRR

Business chambers on Sunday asked the Reserve Bank of India to cut interest rates and banks’ cash reserve ratio. The Federation of Indian Chambers of Commerce and Industry asked for a cut in cash reserve ratio (CRR) by 50 basis points and a similar cut in repo rate during the monetary policy review on March 15. The Associated Chambers of Commerce and Industry of India asked for a CRR cut of 100 basis points right away. The chambers unanimously voiced concern over the slowing of GDP growth in the third quarter to 6.1 per cent, the level seen in the third quarter of the crisis year of 2008-09.