Urjit Patel unveils debut policy review, says RBI to deal with the NPA situation with pragmatism

Zee Media Bureau

New Delhi: RBI Governor Urjit Patel on Tuesday expressed strong resolve that the central bank will deal with the NPA situation with firmness and pragmatism.

Patel, addressed the media, soon after announcing his first monetary policy. He began by thanking and acknowledging the colleagues and predecessors at RBI.

"I hold my colleagues in highest regard and believe RBI has been a strong institution," he said.

India`s newly minted monetary policy committee delivered a surprise 25-basis-point cut in the repo rate to 6.25 percent.  

“MPC members will be source of support to RBI and will help enhance the making of monetary policy,” Patel added.

Patel also cautioned that the IMF meet this week could further downgrade global growth. “Will be surprised if there is no further downgrading of global growth,” he said.

Stating that the RBI will watch out for outcome of US Presidential elections, Patel added that for the first time in a long time, weak global demand is going to bring down trade volume.