India's Central Bank Keeps Key Rates Unchanged

The Reserve Bank of India or RBI Governor, D. Subbarao, while reviewing the monetary poly for the third-quarter of fiscal 2009 on Tuesday, kept all the key rates unchanged, in view of deteriorating global economic outlook and uncertainty about the global financial sector ever since its Mid-term Review in October 2008.

The central bank in its monetary review lowered the GDP growth estimate for the fiscal year and expects the inflation rate to moderate by end March 2009 in the medium-term objective. MORE...