Reserve Bank of India rules out rates cut

The Reserve Bank of India ( RBI) Saturday admitted that the cost of borrowing is high, but ruled out a rate cut during this fiscal year as it has already softened. Agreeing with Prime Minister Atal Bihari Vajpayee's view that the cost of borrowing is high in the country, RBI governor Bimal Jalan said, "I accept it, but it depends on other macroeconomic factors."

The central bank, as part of its credit policy, would endeavour to bring the cost of borrowing down in the medium to long term, he said

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