Mumbai: Reserve Bank of India Governor Duvvuri Subbarao is likely to meet Finance Minister P Chidambaram in New Delhi later on Monday, two sources familiar with the matter said. The agenda of the meeting between Subbarao and Chidambaram could not immediately be confirmed, but it comes ahead of RBI chief's trip to Russia later this week for a G20 meeting of finance ministers and central bank heads.

Earlier on Monday, the organizer of an event in Mumbai had announced that Subbarao had cancelled a speaking appearance there because he had been called to the capital to meet Chidambaram and Prime Minister Manmohan Singh, although the Prime Minister’s office later said he had no meeting scheduled with the RBI chief on Monday.

It also could not be immediately verified who had initiated the meeting between Subbarao and Chidambaram. A Reserve Bank of India official was not immediately available to comment and the finance ministry declined to comment.

Weakening rupee, drop in industrial output and inflation are likely to be key issues of discussion. India's economic gloom deepened on Friday with a surprise drop in industrial output, a fall in exports and higher retail inflation, adding to the Central Bank's challenge of reviving the economy and supporting the rupee. The rupee fell to a record low last week, and investors are watchful for any further steps from the government or RBI to support the currency.

JPN/Agencies

Latest News  from Business News Desk