RBI chief defends tight monetary regime
Defending the Reserve Bank's tight credit policy, its new Governor D Subbarao on Tuesday said the apex bank would push financial sector reforms to accelerate high growth, but watch the scenario before unveiling any further monetary measures. "Not tightening the monetary policy...would have eroded confidence in the economy...we will be monitoring the situation continuously and closely and take appropriate action," he said in his maiden press conference as RBI Governor in Mumbai.
