• search
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

I do what I do: Raghuram Rajan on cutting interest rate by 0.5%

By PTI
|

Mumbai, Sep 29: "My name is Raghuram Rajan and I do what I do", was RBI Governor's response to comments that he was being Santa Claus in cutting interest rate by more than expected.

Amid government and industry pressure, Rajan today cut interest rate by 0.50 per cent, double of what was broadly anticipated and the biggest in more than three years.

I do what I do: Raghuram Rajan on cutting interest rate by 0.5%.
The cut brought down repo rate to 6.75 per cent, the lowest in four-and-half-years. At the press conference called to announce the fourth bi-monthly monetary policy, he was asked if he was being Santa Claus in giving more than expected or should his statement be read as hawkish.

RBI cuts interest rate by 0.5% to boost growth

"I don't know what you want to call me... Santa Claus... you want to call me hawk, I don't know. I don't go by this. My name is Raghuram Rajan and I do what I do," he said.

Asked why RBI cut interest rate by 0.50 per cent, RBI Governor said: "We want to make sure that word sustainable and growth go together. Both are are important.

And that's why we used what room we had. But I don't think we were excessively aggressive. We were not throwing out Diwali bonus." Rajan said the best protection against financial market turmoil and surviving turmoil is good policy.

PTI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more