Addressing the industry's concerns that banks were not lending to the MSME sector, he said credit flow to MSMEs had doubled from Rs 1,27,000 crore (Rs 1,270 billion) in 2006-07 to Rs 2,57,000 crore (Rs 2,570 billion) in 2008-09. In 2007-08, credit flow to the sector was Rs 2,13,000 crore (Rs 2,130 billion).
Reserve Bank deputy governor KC Chakrabarty on Monday said the chances of interest rate hikes by the central bank is always there as policy measures depend on the changing economic scenario.
RBI deputy governor KC Chakrabarty said the central bank was exploring all options to tackle inflation, including an action even before its April policy review, if the situation demanded so.
KC Chakrabarty, deputy governor of RBI, speaks to Business Standard on inflation and a host of other issues.
The government had announced a waiver of over Rs 60,000 crore (Rs 600 billion) in advances to farm sector as a one time measure in the budget of 2008 following stress in the rural sector.
A section of the media on Thursday reported, quoting an unnamed EC official, that it may not allow RBI to go ahead with the plan before the polls and that they need more clarity from the Mint Road on certain aspects.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
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