CRR cut could soften interest rates: Bankers

"CRR cut of 1.5 per cent which would release about Rs 60,000 crore in the banking system that could results in softening of interest rates," Bank of Maharashtra Chairman and Managing Director Allen C A Pereira told PTI. Both lending and deposit rates are likely to see some downward trends as the cost of fund would decline, he said. Another 100 basis points cut comes barely four days after RBI announced CRR reduction by half a percentage point and followed the rate cut decision by number of central banks across the world including US Fed, European Central Bank and Bank of England. "Accordingly, on a... [read full story]