Reserve Bank of India governor Bimal Jalan said on Monday there was no urgency to review the central bank's stance on the bank rate as announced in its October credit policy statement.

"There is no greater urgency in it," Jalan said when asked whether the central bank would review its stance on the bank rate.

Jalan said the central bank's soft rate bias continued "as of now" and inflation was not putting pressure on rates.

Asked about the 2003-04 Budget, Jalan said, "I like it very much." He declined to comment on specific proposals.

India's central bank on Friday cut its key repo rate by 50 basis points to five per cent-- its third reduction this fiscal year to March--after the government announced it was lowering returns on some saving schemes by a percentage point.