No change in its policy stance : RBI

Friday The Reserve Bank said as economic parameters remained unchanged so there was no change in its policy stance, which was last reviewed on January 29. When RBI Governor Y V Reddy was asked about monetary stance of the central bank before meeting Finance Minister P Chidambaram he said NEW DELHI: The Reserve Bank on Friday said there was no change in its policy stance, which was last reviewed on January 29, as economic parameters remained unchanged."What has changed between yesterday and today? Whatever I said yesterday remains same".

Howeverhe refused to answer queries from reporters, After meeting the Finance Minister in the North Block. Reddy had said on Thursday in Lucknow, where the RBI board met, that nothing had happened in the past one week that warrants a change in the monetary policy stance of the apex bank.Among all the parameters as we see, there is no fresh information that requires any particular response, he had said"The inherent logic, analysis and information available in the monetary policy statement are totally valid even today," Reddy had said.

CSO advance estimates put Indian economic growth to 8.7 per cent for this fiscal against 9.6 per cent in the year-ago period, fuelling speculations that some rate cuts may be announced to spur industrial growth. On Thursday, In its quarterly monetary review on January 29, RBI had left all policy rates unchanged due to potential threat of high inflationary expectations and liquidity overhang.However, as reported today,wholesale prices-based inflation, rose to around six-month high of 4.11 per cent during the week ended January 26, justifying RBI's stance on monetary policy.