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March 15, 2002 | 1215 IST
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RBI chief says 'not in a hurry' to cut bank rate

Reserve Bank of India Governor Bimal Jalan said on Friday the central bank was not in a hurry to cut the leading bank rate but remained in favour of a softer monetary policy.

"We are not in a hurry (to cut the bank rate)," Jalan told reporters when asked when the bank rate would be cut.

"(The softer) bias will be maintained," he said.

Jalan said liquidity conditions in the market were favourable and he saw no problem in government borrowings right now.

Bond traders and analysts have been speculating on a cut in the bank rate, the key signalling rate of the central bank.

Those hopes were reinforced by a reduction in interest rates on state-run public savings schemes announced in the Union Budget on February 28.

The Rediff Budget Special

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