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Friday, January 29, 2010

Company exec comment on RBI policy

The Reserve Bank of India (RBI) on Friday left its short-term interest rates unchanged on Friday but raised banks' cash reserve requirements by a higher-than-expected 75 basis points, to be implemented in two phases, and warned of rising inflation.

It also lifted its forecast for GDP growth in the current year to 7.5 percent, from an earlier target of 6 percent, and said that the current rate of growth is likely to be sustained in the financial year that ends in March 2011.

Following are comments from company executives on the monetary policy and its impact on their business.

V. KUMARASWAMY, CHIEF FINANCIAL OFFICER, JK PAPER

"As of today the banks are flush with funds and in the last few months there has not been too much of credit offtake. It is not likely (that rates will go up)."

H.S. BHARANA, CHAIRMAN, ERA INFRA ENGINEERING

"I don't think there will be any impact. There is a lot of liquidity in the market. It is not going to affect lending rates."

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