ess Trust of India / Bangalore April 6, 2006
| Finance Minister P Chidambaram today urged the striking State Bank of India (SBI) employees to resume duties. |
| 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." |
