RBI Governor Bimal Jalan today inaugurated the currency verification and processing system for faster and secured processing of soiled currency notes at the Mumbai office of the central bank.
In tune with Prime Minister Atal Bihari Vajpayee's recent promise, the government and Reserve Bank of India are all set to enhance credit flow to the small-scale sector and are likely to ask banks to extend loans at competitive prime lending rates.
The Reserve Bank of India favours further reduction in lending rates and interest rate spreads of commercial banks, especially for small scale and agriculture sectors.
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