Chidambaram backs 'standstill' approach of credit policy review

Tuesday, 29 January 2008, 08:00 Hrs
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New Delhi: Finance Minister P. Chidambaram on Tuesday described the quarterly review of the credit policy as a "standstill" approach that will give India's central bank the flexibility to move either ways based on domestic and global developments.

"I endorse the stand taken by the Reserve Bank of India (RBI) in the monetary and credit policy review," Chidambaram told reporters here.

"The policy should be interpreted as one where the RBI has reserved the flexibility to move either ways depending on the situation," the minister said.

He was reacting to the quarterly review of India's monetary and credit policy for the current fiscal (2007-08) made public by RBI governor Y. Venugopal Reddy in Mumbai Tuesday.

In the review, the RBI governor decided to keep key rates like the benchmark bank rate, repo rate, reverse repo rate and the cash reserve ratio unchanged at current levels.
Source: IANS
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