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Reserve Bank of India today said it there is no need to explain the monetary policy and it stands by its monetary policy statement.
''We've given the rationale in the policy statement. This is a mid-quarter policy, therefore there is no dissemination at that level, we stand by that,'' RBI governor D Subbarao told reporters today.
In its mid quarter policy review RBI had cut the repo rate by 25 basis points to bring it down to 7.5 per cent and left cash reserve ratio untouched at 4%.
RBI governor said he will give complete picture when he announces annual policy on May 3.
He didn't take questions on other issues and said '' I'll be happy to answer all your questions on May 3.''
