The Reserve Bank of India [Get Quote] on Thursday strongly defended that the monetary policy measures taken by the apex bank had yielded positive returns.

Asked whether the monetary measures adopted by the central bank had failed to revive the economy, RBI governor D Subbarao told reporters in Kolkata, "Steps taken by the apex bank have resulted in positive returns".

He stated that the recent measures reduction in repo and reverse repo rates to infuse liquidity are appropriate.

Asked if there was further scope for reducing the cash reserve ratio from the present levels of 5.5 per cent, the RBI governor said that the apex bank was constantly reviewing the situation.

"Going forward, RBI will do whatever is appropriate", Subbarao said.

"In the next review of the economy, the apex bank would set targets for growth and inflation", he said.

Subbarao said that the central board today reviewed the economic situation of the country and added that the financial crisis had an adverse impact on the Indian economy.

The manner in which the things are moving, the future is uncertain, "it is not possible to calibrate the road map", he said.

The RBI governor said that the crisis was evolving and nobody has a complete picture of that.

"The crisis is significant", he said.

While supporting the monetary measures adopted so far, he also said that government action in terms of fiscal stances was also necessary to take the economy out of the present crisis.

On Wednesday, the RBI governor had hinted at lower GDP growth and said that it may be revised downwards.

Earlier, RBI had projected that GDP growth rate for the current fiscal would be in the range between 7.5 per cent to eight per cent.