Business Daily from THE HINDU group of publications
Wednesday, Jul 30, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jul 30, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Monetary Policy Monetary policy out before embargo Our Bureau Mumbai, July 29 In a major embarrassment to the Reserve Bank of India, details of the monetary policy were out in public before the embargo of 12 noon. While the RBI has called for a detailed inquiry, preliminary investigations point to a lapse on the part of the central bank’s Web department. Some news agencies and television channels had flashed the policy measures at around 11.47 a.m, much ahead of the embargo. Reacting to the news, the stock market fell sharply as the RBI announced a 50-basis point hike in repo and a 25-basis point hike in CRR. While addressing the media, Dr. Y. V. Reddy, RBI Governor, clarified that the leak did not emanate from the media personnel who were within the RBI at 11 a.m. “It is confirmed that they have maintained full confidentiality. I am relived by this,” Dr Reddy said. The investigation by the central bank revealed that the e-mails containing the policy document went from the Web manager at the RBI at around 11.29 a. m. instead of after 12 noon. The Web manager, who was hired by the RBI, erroneously sent out the e-mails at about 11.20 a.m. which went to some institutions. These were also carried by some wire agencies and television channels. “We are making further enquiries to take necessary corrective measures. We deeply regret this unfortunate set of events,” Dr Reddy said. More Stories on : Monetary Policy | Credit Policy
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