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`RBI Annual Policy Statement growth oriented'

Our Bureau

Kochi , May 4

THE market participants at a discussion organised by the RBI Kochi branch, on the Annual Policy statement for 2005-06 of the central bank here, have expressed their concern about likely higher inflation, especially in view of the impending increase in oil prices.

The function presided over by Mr D.N. Krishna Mohan, Regional Director, RBI, for Kerala and Lakshadweep was attended by Chairmen and Chief Executives of banks, representatives from trade and industry bodies, economists etc.

The participants termed the announcements as growth oriented.

However, they expressed the view that since market-borrowing requirements of the Government were likely to be higher during 2005-06, there could be some impact on lending rates of banks.

Trade and industry circles welcomed the initiatives taken by the RBI to improve customer satisfaction and also protecting interests of the depositors, according to an RBI release.

The emphasis given in the policy for financial inclusion, so that all section of the society is well served by banking sector, was also welcomed.

Mr M.O. Sebastian, General Manager, RBI, Kochi, spoke on the occasion.

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