Modi appeals RBI to declare special packages to tame downturn

Gujarat chief minister Narendra Modi today appealed the RBI Governor D Subbarao that banks should declare a special credit package for the diamond, textile and small scale industry to nullify the impact of slowdown.

The chief minister apprised the RBI governor in a meeting about the success of the recently concluded Vibrant Gujarat Global Investors Summit (VGGIS), an official release stated.

Modi said, "A record number of MoU's worth Rs 12 lakh crore were inked during the recent VGGIS, which could be a propelling force for the Indian economy, and considering the present scenario the apex bank should play a proactive role."

The chief minister said that Gujarat has already set high bechmark of Human Development Index, and now there should be a banking linkage for the socially and economically backward classes.

The RBI Governor D Subbarau, who was in the city to preside over the Central Board Review meeting of the RBI, congratulated the CM on the success of VGGIS. The chief minister also urged the RBI governor, that the apex bank should make a head start by drafting state specific policies on bank credit.