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No interest drops likely for six months: Jalan

CREDIT POLICY

The Reserve Bank of India Governor Bimal Jalan, does not expect a further drop in interest rates in the next six months if liquidity conditions remain steady.

"The Bank Rate was not cut since there is excess liquidity," Jalan told reporters after announcing the Monetary Policy.

He also ruled out an immediate cut in the rate set at the central bank's daily repo auctions, which is currently 6 per cent.

"We are not thinking about a repo rate cut. The 6 per cent rate is a reasonable one," he said.

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