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Mumbai: Amid industry's demand for interest rate cuts, the Reserve Bank of India will come out with the first quarter review of Monetary Policy on July 28.
"D Subbarao, Governor, Reserve Bank of India will release the first quarter review of Monetary Policy 2009-10 on Tuesday, July 28, 2009," the RBI said in a release on Thursday.
The statement further said that the review will be released at a meeting of the chief executives of major scheduled commercial banks on that day in the Reserve Bank of India central office in Mumbai.
With inflation turning negative, industry has been demanding interest rate cuts to propel demand. However, RBI Governor D Subbarao had said there is no threat of deflation as food and crude oil prices are still firm.
"India does not suffer from any demand constraints, therefore there is no concern of deflation," Subbarao had said.
Although the wholesale price index is negative, there are certain parts of the index like food articles where inflation is significant, he had said.
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