Business Leaders Urge RBI To Cut Key Lending Rate
Top business groups on Thursday urged the Reserve Bank of India (RBI) to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks to stimulate an economy that is showing signs of weakness. RBI Governor Shaktikanta Das, who took charge last month after the sudden exit of Urjit Patel, was presented with the requests when he met industry captains in Mumbai ahead of the next monetary policy meeting on February 7.
"The need of the hour is to have an accommodative monetary policy, focusing on growth," Sandip Somany, president of the Federation of Indian Chambers of Commerce and Industry, told the RBI governor, according to a statement from the group which represents 250,000 companies, including top businesses.
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