The Reserve Bank Governor Dr. D. Subba Rao has said that, the inflation rate in the country is still very high. After the Board Meeting of the RBI in Kolkata today Mr. Rao said that, the present 7.5 percent inflation rate is likely to come down further in last quarter of the current fiscal. He said that, the RBI will hold mid-term fiscal review in next month and will take action on growth-inflation policy accordingly. In reply to a question Mr. Rao said that, Government’s policy to provide direct cash transfers will not create any impact on inflation. He said that, the RBI has written all the State Governments to take appropriate actions against that non-banking financial Institutions who are violating the existing Money Circulation and Borrowing Act.