Mumbai: The Reserve Bank of India (RBI) governor said on Saturday the bank was not backing away from the capital account convertibility roadmap but would re-work it depending on global economic developments.
“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,” the RBI governor Duvvuri Subbarao told a central bankers’ conference in Mumbai.
“What capital control tools will we use until we achieve full convertibility? I believe we will use them flexibly as we have used them in the past,” he added.