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| HOME | BUSINESS | CREDIT POLICY 2000-2001 | |||
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MAY-OCTOBER 2000 •Policy highlights •Bimal Jalan's policy statement on the RBI Web site. Walking the Liquidity Tightrope The widening of the gap between the short and long term interest rates is a sure indicator of the rise in expected inflation. This is the tightrope that Monetary Policy must walk in the coming months and this is the dominant theme of this year's Credit Policy, says Raghbendra Jha. Policy drill not a 'non-event' any more Bimal Jalan has taken a more conservative view of the emerging economic scenario than Yashwant Sinha's. Owing to drought conditions, there is a risk of GDP growth being lower than the projected 6.5-7%, says R C Murthy. Central bank clears path for commercial banks to enter insurance business The Monetary and Credit Policy of the Reserve Bank of India seeks to deepen the financial markets and allow greater operational flexibility to banks. No threat to supervisory system due to convergence in banking sector, says Jalan "We have a security mechanism to keep a strict vigil on banking transactions. There's no need to worry about mismanagement with the financial sector straddling the Internet," says Bimal Jalan, RBI Governor. RBI keen on giving capital markets a boost The technical committee on co-ordination between the RBI and the markets regulator will look into the operating guidelines for bank financing of equities. RBI pledges cheap credit for industrial growth: AFP India's central bank said that it was optimistic that interest rates could be kept low in the coming fiscal to ensure continued industrial growth. RBI puts 2000-2001 GDP growth at about 7%, ready for drought-relief work Non-food bank credit (adjusted for investments in commercial paper, shares, debentures and bonds to public sector units and private corporate sector) is projected to increase by around 16 per cent. RBI offers little hope of interest rate cuts: AFP "There is no quick fix solution to reduce interest rates," said Bimal Jalan, Governor of the Reserve Bank of India, issuing a warning on the dangers of India's rising fiscal deficit. Forex reserves rise to $ 38 billion This is an indicator to the turnaround in export growth and portfolio investment, says the Reserve Bank of India. FM says govt borrowing won't pressure interest rates The government would take note of the caution against the negative impact of its huge borrowing on interest rates. The well-drafted policy has put a responsibility on the government, Yashwant Sinha said. Bankers, industry chambers welcome Jalan-led RBi initiatives Reactions of SBI Chairman G G Vaidya, Corporation Bank Chairman H S Hugar, Vysya Bank Chairman Krishnamurthy, CII President Rahul Bajaj, FICCI President G P Goenka, ASSOCHAM President Shekhar Bajaj 'Policy is committed to boosting industry, financial marts': AFP Indian corporate and financial leaders welcomed the central bank's new credit policy, which aims to promote industrial growth and push the domestic banking sector towards global standards. • Curtain-raiser: RBI may shore up debt market, beautify banking system NEWS: APRIL 1, 2000 • RBI slashes bank rate, cash reserve ratio, repo rates by 1 per cent FROM THE REDIFF ARCHIVES: RBI's Credit and Monetary Policy 1999-2000 RBI's Credit and Monetary Policy 1998-1999
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