Reserve Bank of India keeps credit policy rates unchangedOctober 24th, 2008 - 3:21 pm ICT by ANI
New Delhi, Oct 24 (ANI): The Reserve Bank of India has kept its credit policy rate unchanged.
With the announcement of policy, the central bank has cut its Gross Domestic Product (GDP) growth estimate for this fiscal to 7.5 - 8.0 per cent.
However, the bank reiterated that it is ready to enhance liquidity if needed.
The global downturn will be deeper than expected, the bank said. On inflation, it expects the numbers to fall to seven per cent by March.
The central bank expressed concern over the rapid credit growth cause for concern. (ANI)