Chennai: Amid high inflation and GDP growth slowing to nine-year low of 6.5 percent in 2011-12, the Central Board of the Reserve Bank on Thursday took stock of the economic and financial developments.
"The meeting reviewed key economic, monetary and financial developments," said the RBI which is scheduled to review the monetary policy on July 31.
Contrary to the market expectations, the RBI had kept the interest rate (repo rate) unchanged in its June 18 review, citing inflation and other reasons.
Industry has been complaining that economic activities were slowing due to high borrowing costs.
Inflation inched up to 7.55 percent in May from 7.36 percent in the previous month mainly due to spurt in prices of vegetables and costlier petrol.
April industrial production measured on IIP slumped to 0.1 percent in April year-on-year. The IIP had grown by 5.3 percent in April 2011.
The meeting chaired by RBI Governor D Subbarao, among others, was also attended by National Advisory Committee Chairman Y H Malegam, Economic Affairs Secretary R Gopalan and the four deputy governors of the central bank.
The Central Board meets at least once every quarter to take stock of the currency economic scenario.
Subbarao, who arrived here on Wednesday, called on Tamil Nadu Governor K Rosaiah. The RBI Governor and top management of the Bank also called on state government officials and  bankers, the release added.


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