The Reserve Bank of India (RBI) governor D Subbarao today said the RBI will continue to closely monitor the developments in the global and domestic financial markets and will take swift and effective action as and when needed. He said the central bank would endeavour to minimise the stress on various sectors of the economy which have been hurt by the global economic crisis.
The RBI governor said the outlook for the Indian economy in the coming months remains uncertain.Earlier in the day, State Bank of India Chairman O.P. Bhatt said the economy would require further stimulus beyond large interest rate cuts and extra government spending announced last weekend.
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