Chidambaram: Price stability can't be only mandate of a central bank

July 29, 2013 13:11

Finance minister P Chidambaram's media meet today. PC says price stability cannot be the only mandate of a central bank. "I do not expect RBI's liquidity measures to result in hike in bank lending rate. The mandate of a central bank is to ensure growth promotion and employment generation in addition to price stability," said Chidambaram.

"For now, banks have no plans to increase interest rates and bankers have assured me that they will fully meet the credit needs of the industry," he added.

The Cabinet committee on investment cleared projects envisaging investment of Rs 1.6 lakh crore.

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