Oriental Bank of Commerce (OBC) has hailed the RBI’s mid-quarter policy announcement on Wednesday, stating that keeping the policy rates unchanged was a “positive surprise’’.
This public sector lender has no immediate plan to revise both the lending and deposit rates, S.L. Bansal, Chairman & Managing Director, OBC, told Business Line.
“Our rates will be stable for sometime.’’
Bansal pointed out that food and vegetable prices had nothing to do with monetary policy and it was from the perspective of core inflation (which is about 7 per cent) that markets had mainly expected a repo rate hike.
But with RBI seemingly comfortable about the current core inflation level, it had opted not to change the policy rates.
“The policy rates have remained unchanged and that is why the markets have positively reacted. It is a positive development for the markets,’’ Bansal said.