RBI makes no policy statement

Shimla, May 10 (UNI) The Central Board of Directors of the Reserve Bank of India (RBI), which met here under the chairmanship of its Governor Y V Reddy today, made no announcement on its monetary policy and other issues.

The bank's governor V Y Reddy declined to make any comments on monetary policy after a routine board meeting here.

The board made no announcements on interest rates or steps to prevent cash outflow from the banking system after its meeting here.

Board members Y H Malegam, Suresh D Tendulkar, Lakshmi Chand, H P Ranina, Ashok S Ganguly, Shashi Rekha Rajagopalan, A Vaidyanathan, Suresh Neottia, M M Sharma and Sanjay Labroo were present in the meeting, besides deputy governors Rakesh Mohan, V Leeladhar, Shyamala Gopinath and Usha Thorat.

The meeting of the Central Board of Directors of the RBI is held every year in four major cities of Mumbai, New Delhi, Chennai and Kolkata apart from meetings at three other state centres by rotation.

UNI