‘There is no concern of capital inflows’ : RBI Governor
December 10th, 2009 - 10:38 pm ICT by ANI ( Leave a comment )Kolkata, Dec 10 (ANI): The Reserve Bank of India (RBI) Governor D Subbarao said here on Thursday that there is no concern of capital inflows building asset bubbles in India as of now.
“At this time capital flows are in line with our requirements. If and when there is excess of capital flows, we will have to respond to that situation,” Subbarao said while Interacting with the reporters here.
Subbarao’s statement came a day after the central bank had tightened foreign borrowings by companies.
He also said that India could absorb inflows of up to 100 billion dollars in the current fiscal year, well above his expectations of inflows worth 57-60 billion dollars.
On Wednesday, the RBI announced that it would withdraw from Jan. 1 some concessions on External Commercial Borrowings (ECBs) for Indian firms introduced during the global credit crisis, although it also eased rules for the infrastructure and telecoms sectors.
“Yesterday we reversed some of the easing we had done on the ECB policy. That’s our policy for now. I cannot really speculate on what, if anything, we will do,” he added. (ANI)
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Tags: bank of india, billion dollars, bubbles, capital flows, capital inflows, concessions, credit crisis, current fiscal year, ecb policy, external commercial borrowings, global credit, infrastructure, kolkata, reserve bank of india, subbarao, telecoms sectors, time capital
