“RBI measures is in response to easing liquidity conditions,” said Confederation of Indian Industry.
However, Associated Chambers of Commerce and Industry of India said it was early to take such steps as the economic recovery was still fragile.
Ficci, on its part, felt that the step may make availability of funds through external commercial borrowing route more expensive. Another industry body PHDCCI hailed the apex bank’s decision.
Published 10 December 2009, 15:49 IST