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June 13, 2001
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Money > Business Headlines > Report June 13, 2001 |
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Jalan in favour of keeping interest rates softBS Economy Bureau RBI governor Bimal Jalan on Tuesday said he is in favour of keeping the interest rates soft. Speaking to reporters after a meeting with the finance ministry on Tuesday, Jalan said the interest rate bias demonstrated by the monetary policy will continue. The monetary policy had slashed the cash reserve ratio by 50 basis points to pump in fresh liquidity into the system. He said, "We would like to keep the interest rate environment positive." Jalan expressed concern at the low level of industrial growth and said he hoped that industrial recovery will soon take place. He expressed concern on credit offtake by the industrial sector and added that the liquidity conditions in the system was good and if necessary the bank "can inject additional liquidity" to meet additional demand. The RBI governor said with the monsoon progressing well the rate of growth of the economy should pick up to register a growth rate of about 6.5 per cent in this fiscal. Powered by YOU MAY ALSO WANT TO READ:
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