The Reserve Bank of India cut the CRR or the cash reserve ratio to 5.5 per cent in its credit policy review on Tuesday, injecting Rs 32,000 crore into the system. However, the central bank has kept the short-term lending rate (repo) unchanged. "CRR is not a substitute for open market operations (OMOs)," said RBI deputy governor Subir Gokarn in an exclusive interview to NDTV Profit.