India's Jalan says bias to cut rates remains

The governor of India's central bank, which cut interest rates twice in recent weeks, said he continues to have a bias toward easing rates. "We would like to see the present stable-downward slant in interest rates continue," central bank Gov. Bimal Jalan said on Mar 9, 2001.

The Reserve Bank of India's bank rate is currently 7% after the twin half-percentage-point cuts. The decision to ease rates was considered partly a measure to give a boost to the federal budget for the year starting in Ap