.....The series of measures are likely to be announced by Chidambaram over the next few days. "Discussed a gamut of issues with the finance minister," said Rajan after his meeting with the finance minister. The rise in wholesale inflation to a six-month high 6.1% in August has made it difficult to cut rates to stimulate growth that is projected to fall to 4% this year. Both Rajan and Chidambaram have favoured consolidation among the 26 state-run banks. "It was an informal meeting. A host of issues were discussed," said Takru, adding that the finance ministry will again hold discussions with RBI after the monetary policy is announced on August 20. "We are going to meet Indian Banking Association (IBA) later this month. More measures will be announced after the discussions," added Takru.........
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