Bankers hold pre-policy meet with RBI officials

In the backdrop of inflation numbers continuing to be worrisome, the Reserve Bank of India on Monday sought inputs from top bankers ahead of its quarterly monetary policy review to be announced on November 2.

"We are through with the September (quarter). . .it was a pre-policy meeting we had with the RBI," Central Bank of India chairman and managing director, S Sridhar, told reporters after the meeting.

Other bankers who attended the meeting at Mint Street included SBI chairman-cum-managing director O P Bhatt, ICICI chief executive and MD Chanda Kochhar, Standard Chartered's India head Neeraj Swaroop and HDFC Bank MD Aditya Puri, among others.

With an eye on taming inflation, which softened to 8.5 per cent for August this year, RBI has increased its key rates five times this year.

In the last mid-quarter policy review on September 15, the central bank had raised the repo -- the rate at which it lends to banks -- by 0.25 per cent to six per cent while reverse repo -- the rate at which it borrows from banks -- was increased by 0.50 per cent to five per cent.

Market observers are of the view that another round of rate hikes, possibly by 0.25 per cent, can be expected in the next review.