.......The RBI, however, refused to lower its key rate for the third consecutive policy review in September due to fears that inflation, which accelerated to 7.55% from a year earlier in August, could worsen if rates were lowered prematurely. "Just because diesel prices were raised, it cannot be reasonably expected that the RBI would immediately cut interest rates," said Indira Rajaraman, a member of the central bank's technical advisory committee. "The RBI has to be convinced" about the effectiveness of the government's steps for a rate cut, she said in a recent interview. "These (steps) have to be followed up by other steps which take on board the need for fiscal rectitude.".......
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