No change in the current interest rates: Reserve Bank of India

Governor Raghuram Rajan, Reserve Bank of India has mentioned that current interest rates are “appropriately set”, hinting that rates are likely to remain unchanged in the forthcoming monetary policy in April 2014.

Rajan also set a consumer price inflation (CPI) target of 8% for January 2015 and 6% for January 2016, adding that RBI will not administer shock therapy to a weak economy and would aim to bring down prices over time.

The governor also made it clear that he was no hardcore monetarist and indirectly hit out at the International Monetary Fund, which had suggested that RBI do more on rates.