NECCI urges RBI Guv to review quarterly monetary policy

Guwahati, Aug 7 (UNI) The North East Chamber of Commerce and Industry (NECCI) has written to Reserve Bank of India (RBI) Governor Y V Reddy highlighting the severe impacts of the apex bank's recent announcement of quarterly monetary policy.

The NECCI maintained that the announcement had put the middle-income group under tremendous pressure and urged the Governor to review the provisions in the interest of the North East, a release said here today.

High rate of inflation, coupled with lack of liquidity and excessive pressure of recovery agents of home and auto loans would leave no alternative before such group of people than commiting suicide, the chamber added.

A copy of the letter was also forwarded to Prime Minister Dr Manmohan Singh, Union Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia .

UNI SG SB KK RN2006