Chidambaram backs 'standstill' approach of credit policy review

Tuesday, 29 January 2008, 08:00 Hrs
Printer Print Email Email
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
SPOTLIGHT
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..