Oriental Bank of Commerce (OBC) has welcomed the RBI’s move to cut repo rate and cash reserve ratio (CRR) by 25 basis points each.
“It's a good policy. Our Asset-Liability Committee (ALCO) will meet in the next few days. Most likely the policy transmission will happen,’’ S.L. Bansal, Chairman and Managing Director, OBC , told Business Line after the RBI announcement.
The CRR cut will release funds close to Rs 450 crore to the bank.
Bansal indicated that adjustments could happen in certain deposit buckets following the ALCO meeting. On the lending side, the adjustment is likely to be across-the-board as the bank will take a call on the base rate, he pointed out.
OBC’s base rate is now pegged at 10.40 percent.