January 28, 2014 / 7:22 AM / 4 years ago

Implementation of RBI panel recommendations needs talks with govt: Rajan

MUMBAI (Reuters) - India’s central bank is studying the recommendations of a panel on monetary policy and complete implementation of its report will need a dialogue with the government, the Reserve Bank of India governor said on Tuesday.

Reserve Bank of India (RBI) Governor Raghuram Rajan speaks during a news conference after the mid-quarter monetary policy review at the RBI headquarters in Mumbai December 18, 2013. REUTERS/Danish Siddiqui/Files

Raghuram Rajan also said the Urjit Patel panel’s timeline to bring down retail inflation seemed “reasonable” and the 8 percent retail inflation target can be reached by the end of the year.

He also said he was confident that inflation would be brought down to tolerable levels within the course of the year.

Rajan said the RBI has not accepted inflation targeting as a monetary policy objective, after unexpectedly raising rates by 25 basis points earlier in the day.

Reporting by Suvashree Dey Choudhury and Mumbai Treasury Team; Writing by Swati Bhat; Editing by Prateek Chatterjee

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