The Reserve Bank of India, RBI is going to release its first mid-quarterly review of the credit policy for current financial year today. The Central Bank has already expressed its concern over the inflation level. The RBI has hiked key policy rates nine times since March, 2010, and is likely to continue with its tight monetary policy stance to tame inflation, which is edging toward double digits. In its annual policy document for 2011-12 released last month, the RBI had said that inflation control would be its primary focus in the near future, even as it agreed that the high rate of price rise would impact the country's growth story. For the month ended May, inflation moved up to 9.06 per cent from 8.66 per cent in the previous month, mainly on account of a rise in the price of manufactured products. Meanwhile, the government has said that it is monitoring inflation, which has crossed the 9 per cent mark. Speaking to media after meeting the Union Agriculture Minister Sharad Pawar in New Delhi, new Cabinet Secretary Ajit Kumar Seth said there is nothing to be alarmed about the current inflation. Mr. Seth said the government is taking stock of the situation and will take appropriate steps if need be.
News On AIR | June 16, 2011 8:45 AM
RBI to release first mid quarterly review of credit policy