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Our Bureau

Coimbatore , Oct. 25

THE upward revision in the GDP growth presented in the credit policy would give a positive signal to the investors. But a review on prime lending rate (PLR) by Indian Banks Association might give a signal that the cost of acquiring funds would firm up, said the Tirupur Exporters Association (TEA).

In his reaction to the RBI's credit policy, the TEA president, Mr A. Sakthivel, has said that the Government should fix the PLR as was done in the case of the bank rate by keeping the latter rate at 6 per cent.

He said that once the national electronic funds transfer system is in place, it would save bank service charges for the shippers. But RBI should see that the loss of service charge due to implementation of funds transfer system was not cast on garment exporters in some other form, he said.

The TEA president felt that RBI should undertake one or two reviews on monetary policy sooner in view of the surging oil prices and the resultant uncertainty in the market.

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Mid-Year Review of the Annual Credit Policy — Managing inflation, encouraging growth

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