Friday, August 1, 2014   

India keeps rates steady in first decision under Modi
(06-03 15:18)

India's central bank kept key interest rates unchanged Tuesday in its first monetary policy announcement since new pro-growth Prime Minister Narendra Modi took office.
Amid speculation the Reserve Bank of India's (RBI) stern stand on inflation could clash with Modi's aim of reviving the economy, the bank's chief Raghuram Rajan appeared to soften his hawkish tone.
After meeting in financial capital Mumbai, the RBI said the benchmark repo rate, at which it lends to commercial banks, would remain unchanged at 8.0 percent and the cash reserve ratio would be kept at 4.0 percent.
Modi's decisive election result, together with "improved sentiment'' should create a sound environment for new policy steps and demand revival as well as gradual growth recovery, Rajan said. --AFP   
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