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high interest rate regime for the slowdown. With the peak festival season around the corner, bankers are pressing for a cut in the CRR and policy rates to help boost demand for manufactured goods and revive sagging economic growth.
"We have recommended a cut in CRR, repo rate and asked the RBI not to restrict the MSF (marginal standing facility) to a particular number," State Bank of India Chairman Pratip Chaudhuri said yesterday.
Demand for loans is expected to rise in the festive season and bank loans would be cheaper if the RBI cuts interest rates, Indian Overseas Bank Chairman and Managing Director M Narendra said.