Reserve Bank of India Governor Dr Y V Reddy will present
his maiden mid-term review of the Monetary and Credit
Policy for 2003-04, on 3 November.
expect the new governor, who took charge on 6 September,
to continue the soft interest rate bias by cutting the
benchmark Bank Rate and repo rate by at least 0.25-0.50
who was earlier India's executive director to the International
Monetary Fund, on taking charge from Dr Bimal Jalan, had
promised "continuity with change in proper mix."
last cut in the Bank Rate had been by 0.25 percentage
point to 6 per cent in the April 2003-04 Credit Policy.
The repo rate cut was effcted last in February 2003 following
the Union Budget by 50 basis points to 4.5 per cent.