Mohan says RBI to focus on price stability

The Reserve Bank of India said on Tuesday 21 November it would lay emphasis on price stability so that there is possibility of lower interest rates in the medium term.

"Interest rates are market determined. Our efforts clearly is to administer the system so that we have price stability. With greater stability it is possible to have lower interest rates in the medium term," Rakesh Mohan, deputy governor of RBI, said at a conference on cash, treasury and risk management in India.

Uncertainty abou