....This was the second meeting of Rangarajan in two days with key players or their representatives in the economy arena. On Monday, he had met officials from industry chambers, who among other things, pressed for easing of monetary policy by the Reserve Bank of India (RBI). However, Rangarajan had said RBI’s stance would depend on the behaviour of non-food manufacturing product inflation. On Monday, RBI expressed displeasure at banks not cutting interest rates despite the central bank lowering the repo rate, at which it lends money to other banks, by 50 basis points in April. The apex bank had also expressed concern at the slow pace of bank deposit growth. RBI, which opted not to change rates at the policy review last month, is scheduled to review the monetary policy on July 31.......
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