RBI chief meets Pranab, assures more steps

February 23rd, 2009 - 5:41 pm ICT by IANS  

New Delhi, Feb 23 (IANS) The Reserve Bank of India (RBI) Monday said it was closely monitoring the economic scenario and would take “appropriate policy action as may be necessary”.
RBI Governor Duwuri Subbarao Sunday met External Affairs Minister Pranab Mukherjee and “assured him that the Reserve Bank is constantly monitoring the situation”, a bank statement said.

“The governor briefed the minister on the evolution of the global financial crisis, the outlook for the global economy and the response of the advanced and the emerging economies to the crisis based on his meetings with the other central bank governors in Basel, Switzerland, in January and in Kuala Lumpur, Malaysia, in February,” the RBI said.

The RBI has taken several monetary steps to ease out liquidity crunch in the financial system, including successive cuts in key interest rates like the repo rate - the interest charged by the RBI on borrowings by commercial banks. The repo rate currently stands at 5.5 percent.

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