RBI's policy rates cuts insufficient, inadequate: BJP

NEW DELHI: BJP today described the cut in Cash Reserve Ratio and Repo Rate as "insufficient and inadequate" and maintained that the present state of the economy requires more measures from the RBI and the government.

"The cut in repo rate and CRR is insufficient and inadequate. The economy demands more steps from RBI as price rise cannot be checked by interest rates alone," BJP spokesperson Prakash Javadekar said.

Earlier in the day, RBI cut short-term lending rate called repo by 0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by similar margin to 4 per cent. The other key rates have been adjusted accordingly.

BJP felt some more steps need to be taken. "RBI should do more to ease the situation and pave the way for faster growth," Javadekar said.