ALSO READIndia seen cutting rates to over 6-1/2 year low, faces pressure to do more RBI becomes first central bank in Asia to cut rates this year RBI seen cutting rates to over 6-1/2 year low, faces pressure to do more RBI seen holding rates steady, expected to sound less hawkish Indian banks, shares surge on government's $32 billion recapitalisation plan
MUMBAI (Reuters) - The Reserve Bank of India (RBI) is working very closely with the government on a $32.43 billion bank recapitalisation plan it had outlined in October to deal with huge bad loans at state-run lenders.
Patel, speaking at a news conference after the RBI kept its policy rate unchanged at a more than seven-year low of 6.00 percent, stressed that the recapitalisation would be accompanied with a reform package to ensure the problems do not recur.
(Reporting by Suvashree Choudhury and Devidutta Tripathy; Editing by Kim Coghill)
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