In its prime task of providing adequate liquidity in the system, RBI may take fresh measures so that it can push economic growth in the country.
The Reserve Bank of India Deputy Governor, Rakesh Mohan said: "Given the kind of problems taking place in [the] global economy because of problems in other financial markets, we are very conscious of that [of the need to provide liquidity]... Basically, as the measures announced on Saturday show that given the international situation and [the] situation here, [the] RBI is committed to providing adequate liquidity in all the markets."
The statement by deputy governor comes at a time when most public as well as private lenders are anticipating a further in cut in policy rates. In fact commercial banks are pressing the apex body for a further cut in rates.
Mr Mohan also reported that the economy has been adversely affected by global liquidity crisis and therefore is consistently taking various measures to ease liquidity in the system. "Since September 16, full series of measures has been designed to make sure that there is adequate liquidity in all the markets and credit flows continue," he said.
To ease situations in the cash-trapped system RBI has reduced its key rates such as the CRR, Repo rate and SLR to infuse additional credit flow of about Rs. 2,70,000 crore. Also as the part of its task, RBI has announced a hike in the cap on NRI (non-resident Indian) deposits, scaled down the provisioning requirements for some sectors and raised the time limit for availing of low-cost export (pre-shipment) credit.
However Mr Mohan did not mention any of measures that are expected to be taken by RBI in the near future.