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Business EconomyPosted at: Aug 27 2015 11:07PM


Inflation to remain focus area for RBI

New Delhi, Aug 27 (UNI) Reserve Bank of India Governor Raghuram Rajan has said the focus of the central bank would continue to be inflation control, bringing to four per cent by 2018 for sustainable growth and the task would be achieved in coordination with the government. "Focus on bringing down inflation in line with the proposed glide path, work with the government and banks on speeding up the resolution of distressed projects and cleaning up bank balance sheets and ensure banks have capital to make provisions, support new lending, and thus pass on future possible rate cuts," Rajan said in the annual report of the RBI. While RBI has cut the interest rates at the policy level, Dr Rajan said the banks’ willingness to pass on the same to the borrowers remains “muted”. He said India’s economic growth is well below the potential. After cutting its repo rate by 75 basis since January this year, the RBI kept its repo rate unchanged in its latest policy review on August 4, arguing it would like to monitor inflation and wait for lenders to further lower their rates. Industry has been complaining about extra focus on inflation by the RBI at the cost of growth. However, Dr Rajan maintains that it is only through taming inflation on a long term basis that sustainable growth can be achieved. UNI PC RG SB 2307
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Tags: #Inflation to remain focus area for RBI
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