Private sector bank welcomes RBI moves
India's top private sector banker on Friday welcomed the central bank's measures to ease credit squeeze. The Reserve Bank of India cut the cash reserve ratio by 1.5 percentage points to 7.5 percent. This move by the RBI would free up around 600 billion Indian rupees in funds. Earlier finance minister P Chidambaram had said that the authorities would take further steps to provide more funds to the banking sector.