"We are watching the liquidity situation... I think that decision (another CRR cut) will be taken when we do our mid-quarter review... Having done one, I think the possibility of another is always on the table," RBI Deputy Governor Subir Gokarn told reporters on the sidelines of a NHB function.

In order to ease the liquidity problem in the system, the RBI in its quarterly policy review earlier this month lowered the cash reserve ratio -- the portion of deposits that banks are required keep with the central bank -- to 5.5 per cent from 6 per cent, thereby infusing Rs 32,000 crore into the system.

The Reserve Bank is scheduled to conduct its next mid-quarterly review of the monetary policy on March 15.

Pointing out that liquidity pressures are still there, Gokarn said the central bank would undertake Open Market Operations (OMOs) to pump more funds into the system. The new CRR came into effect from January 28.

"Yesterday was the first day of the new CRR. Call rates are around 9 or 9.1 (per cent)... These are indications of pressures (on liquidity). Based on that, obviously, we will consider OMOs," he said.

As part of OMOs, the RBI buys government securities from banks, thereby injecting funds into the system.

When asked if the RBI would prefer OMOs over a CRR cut, Gokarn said the last policy has already given a signal of liquidity easing as interest rates have already peaked.