RBI committed to encouraging exports: RBI Executive Director G Padmanabhan

VARANASI: The Reserve Bank is committed to encouraging the country's exports and is organising seminars to address the concerns of exporters, a senior official today said.

In order to boost India's exports, seminars have been organised in different cities, RBI Executive Director G Padmanabhan today told reporters on the sidelines of a function here.

To help exporters, banks should bring transparency into their functioning, he said.

India's exports grew by 21 per cent to USD 303.7 billion in 2011-12.

The RBI official also said the government is taking steps to put the country's economic growth on a higher trajectory.

The country's GDP (gross domestic product) growth slumped to a nine-year low of 5.3 per cent during the fourth quarter (January-March) of 2011-12.

On inflation, he said that the RBI is taking steps to contain inflation.

In its annual credit policy for 2012-13 on April 17, RBI had slashed short-term lending rate or repo rate by 0.50 per cent to 8 per cent to prop up economy.

The central bank is scheduled to announce its first mid-quarter review of monetary policy for 2012-13 on June 18.