RBI may need to cut again: former governor

Bimal Jalan, a former governor of the Reserve Bank of India, has said the institution could have to cut rates again so that banks can lower borrowing costs to a level businesses and the public can afford.

The Reserve Bank has already chopped 150 basis points off rates since the start of October. It has also cut reserve requirements from 9% to 5.5% and has taken further measures to alleviate liquidity pressures.

The steps taken so far were "necessary and desirable," Jalan told the Indian Expre