Ahead of the busy season credit policy announcement, the RBI Governor Y V Reddy had a detailed discussion with Finance Minister Jaswant Singh in New Delhi on Monday.

Reddy declined to give details of the meeting that lasted over half-an-hour.

The meeting assumes significance as the credit policy would have to ensure greater flow of bank credit, particularly to farm sector which is expected to have a bumper crop after the good monsoon this year.

The credit policy, scheduled to be unveiled on November 3, may scale up the GDP growth projection for this fiscal to over 6.5 per cent from the 6.0 per cent forecast by credit policy announced in April, as the Indian economy was showing signs of industrial recovery besides projections of near double digit growth in agriculture.

Reddy also had a brief discussion with UTI Mutual Fund chairman M Damodaran, who has been asked to take concurrent charge of IDBI also.