There is a need to cut SLR further, says Rajan

Obligations put on Indian banks need to be reduced further as they are entering a more competitive environment and the statutory liquidity ratio will have to be cut further, RBI chief Raghuram Rajan said on Tuesday.

Rajan also said interest rate tools are blunt and the central bank is trying to use other tools.

India's central bank kept its key policy repo rate unchanged on Tuesday as widely expected, but warned about inflationary risks should a shortfall in monsoon rains spark a surge in food prices.

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