Indian Merchants’ Chamber has welcomed the RBI’s new credit & monetary policy stance, which is broadly in line with the Chamber’s expectations. The RBI has hiked the CRR rate from the existing level of 5% to 5.75%, but refrained from raising the key policy rates.
Home 
Business Finance IMC welcomes RBI’s new monetary policy stance, says CRR hike is on expected lines
Business Finance IMC welcomes RBI’s new monetary policy stance, says CRR hike is on expected lines
IMC welcomes RBI’s new monetary policy stance, says CRR hike is on expected lines
In a press statement issued here today, IMC President Mr Gul Kripalani said that the banks had enough liquidity and elbowroom to comply with the new CRR rate, which was being enforced in two phases, i.e., 0.5% from February 13 and a further 0.25% from February 27, together sucking out about Rs.36,000 crores from the banking system.
Mr Kripalani said that the RBI also wisely refrained from raising the policy rates at this critical juncture of managing growth recovery, which could have caused setback to industrial growth, especially when the growth rate of the farm sector had sunk to near-zero.
He shared the RBI’s concern at rising inflation, which is likely to be 8.5% by March – end 2010, as against 6.5% projected earlier. He endorsed the policy of RBI that it would have to shift its stance from ‘managing the crisis’ so far to ‘managing the recovery.’
"The RBI’s statement that inflation spiral could be reined in only after July 2010 leaves little room for comfort," he said.
| < Prev | Next > |
|---|
Videos
Adobe Flash Player not installed or older than 9.0.115!
amazing body balance ... Facebook Videos GURUJI (INDIAN SEARCH ENGINE)
Hot topic
NASA to fund innovative museum exhibits and planetarium shows
Innovative planetarium shows and traveling museum exhibits are among nine projects NASA ha...
India Developing Winged Reusable Rocket
India is developing a winged reusable rocket and the Indian Space Research Organisation (I...
Atom smasher set for high speed bash by early April: CERN
The world's most powerful atom smasher will be brought up to unprecedented power by early ...Translate My Page
Sponsored Links
Editors Column
Hello all,
Media can be rather biased and they have their own reasons for it. Providing singular news has become rampart, since they have large organizations to sustain.
However, with technology comes an advantage that of providing news, views, etc., without being biased and without the need to be materialistic toying the lines of anyone.
Would you like to be part of such a democratic movement? Join in and share whatever you hear, find, photograph and experience right here on this site. Let the world know and understand the other without the fear of implications of any sort.
Be free, be heard and be read!
- Editor
Polls
Statistics
Members : 1546Content : 1514
Web Links : 12
Content View Hits : 441594