Credit policy on Nov. 3

MUMBAI OCT. 10. The Reserve Bank of India will carry out a mid-term review of monetary and credit policy for 2003-04 on November 3.

The RBI Governor, Y. V. Reddy, who took over last month, will hold a meeting with chief executives of major scheduled commercial banks for the mid-term review on November 3, the apex bank said in a release here today.

The apex bank will review the gross domestic product (GDP) and inflation outlook, which it had pegged at 6 per cent and 5-5.5 per cent for the fiscal respectively in April, as the monsoon has been good and the agricultural sector is also looking up.

The former RBI Governor, Bimal Jalan, had in August hinted at an upward revision in GDP in the mid-term review as the monsoon has been better than expected and inflation had come down.

The market is also expecting a 0.25 to 0.5 per cent cut in the Bank Rate, which is now at 6 per cent. — PTI