India's Central Bank Governor Duvvuri Subbarao

India's Central Bank Governor Duvvuri Subbarao

Dhiraj Singh/Bloomberg

India's Central Bank Governor Duvvuri Subbarao cut the cash reserve ratio to 4.5 percent from 4.75 percent, effective Sept. 22, adding about 170 billion rupees ($3 billion) to the banking system, the Reserve Bank of India said in a statement in Mumbai today.