A wait-and-watch approach

 Y M Deosthalee

 Director & CFO

 L&T Ltd

 The credit policy at this time is a review of economic and monetary developments with policy measures being only a tool to address specific issues.

 This has been the pattern in past where important rate changes have been invoked between policies as dictated by the situation.

 Therefore, there was little prior justification for changes in the important benchmark interest rates in the system in the policy.

 The credit policy announced by the RBI today has taken a