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January 15, 2002
1910 IST
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RBI sees no problem in govt's excess borrowing

The government had almost completed its borrowings for the current financial year and any small overshoot of the target will not put pressure on liquidity, the central bank deputy governor Y V Reddy said on Tuesday.

"The government borrowing programme has almost been completed," Reddy told Reuters on the sidelines of a seminar.

"Any marginal excess in the borrowing programme will not cause any short run problems for macro-economic stability."

The government's budgeted borrowing programme for the year was Rs 1.19 trillion of which it was to raise Rs 993.52 billion through dated securities.

But it exceeded this target in December itself and, after Monday's auction, had raised Rs 1.06 trillion through 30 bond issues.

Earlier Reddy said the Reserve Bank of India might consider a package of measures announcing a one-time reduction in the CRR to the statutory minimum of three per cent, to expedite development of markets, accompanied by changes in the way the reserves are maintained.

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