The policy reflects a balanced and pragmatic view of current economic conditions as well as the improved prospects for the economy following the decisive verdict in the recent general elections, Chanda Kochhar, MD & CEO, ICICI Bank, said.
The decision to hold rates reflects the current level of inflation as well as the expectation of policy and administrative actions from the government in the coming months to address inflation as well as boost growth, she added.
The reduction in the Statutory Liquidity Ratio is a welcome signal of the commitment to reduce pre-emption of resources over time and create more room for banks to finance growth. The measures with respect to outward remittances and currency markets reflect both, the significantly improved confidence in the country’s external position which allows reversal of the extraordinary measures taken last year, as well as the focus on developing deeper onshore markets.
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