The Reserve Bank of India (RBI) governor said on Saturday the bank was not backing away from moves towards full capital account convertibility and would rework its plans depending on global economic developments.
India has been cautious on financial sector liberalisation and a move towards fuller capital account convertibility after the global financial crisis hit Asia's third-largest economy harder than expected.
"Are you backing down from the capital account convertibility roadmap? Answer I believe we are not. We are still traversing the roadmap but we will re-work the roadmap depending on global developments," RBI governor Duvvuri Subbarao told a central bankers' conference in Mumbai.
Read more: http://www.dnaindia.com/money/report_rbi-not-shying-away-from-convertibility-subbarao_1347271
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