FinMin pitches for rate cut ahead of monetary policy

RBI is scheduled to unveil annual monetary policy on May 3

Finance Ministry today made a renewed pitch in favor of reduction in the policy rates by the Reserve Bank of India (RBI).

“We would be happy if RBI continues the trend of softening the rates ” said Arvind Mayaram, secretary, department of economic affairs on the sidelines of FICCI- Asian Development Bank conference here.

He however said that it’s up to RBI to decide on the quantum of the rate cut.

Mayaram also said that inflation indexed bonds which were announced in this year’s budget would be launched in the month of May.