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Thursday, December 10, 2009

Capital inflow in line with need - Duvvuri Subbarao

Capital flows into India are in line with requirement and as of now there is no concern of the flows building asset price bubbles, the Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Thursday.

"Yesterday we reversed the easing we had done on the ECB policy. That's our policy for now. I cannot really speculate on what, if any, we will do," he told reporters.

"But at this time capital flows are in line with our requirements. If and when there is excess of capital flows, we will have to respond to that situation.".

The central bank had said on Wednesday it would withdraw from Jan. 1 some concessions on external commercial borrowings (ECB) for Indian firms introduced during the global credit crisis, although it also eased rules for the infrastructure and telecoms sectors.

The new overseas borrowing norms are part of India's capital account management and they do not indicate capital control, Deputy Governor Shyamala Gopinath said.

Subbarao and Gopinath were in Kolkata for the central bank's board meeting

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