FM urges SBI staff to call off strike

ess Trust of India / Bangalore April 6, 2006

Speaking to the media after inaugurating a global meet organised by the World Customs Organisation, he said that the striking unions have submitted a modified version of their demands on Wednesday. The management of SBI is studying the revised document, and has sought time to give its reply.

Chidambaram urged employees to rejoin work, and avoid putting the public at large in trouble. "We are a democracy, a law abiding country. We are engaged in discussions. There is no need to inconvenience people by continuing the strike," Chidambaram said.

Speaking on the issue of inflation, he said that it is at 3.96% for the current week, and is under control. "We can take it that if inflation is under 4%, it is under control, and we hope to hold it at that level," he added.

PTI report: The inflation rate dipped below the 4%-mark to 3.96%, and is under control, Finance Minister P Chidambaram said today. "Inflation will be reported today.  It's 3.96%," he said at a press conference here in response to questions. For the week ended March 18, inflation stood at 4.06%.

"I hope inflation remains under control. We will take steps to maintain price stability. We are happy that it has gone to 3.96%," Chidambaram said.

Asked if there is any benchmark when he says inflation remains under control and whether it is 4% or somewhere below that, he said: "The RBI targets inflation. Anything under 4%, I would think and even you will agree, is under control."

Asked if there was any input from him on CRR during his meeting with RBI Governor Y V Reddy in New Delhi yesterday, Chidambaram said issues relating to the forthcoming monetary policy and liquidity figured in the discussions. "We did discuss a number of issues, and among the issues
that we discussed was the forthcoming monetary policy and issues relating to liquidity," he said.

Chidambaram declined to give a direct reply when repeatedly asked if liquidity is a concern. "I have told you as much as I can share. Discussions
between the Finance Minister and the Governor remain between them."

Asked if he supported higher interest rates in the short-term, Chidambaram said it is not for him to "support this or support that. Monetary policy is in the perview of RBI."