New Delhi: Finance minister P. Chidambaram will address the central board of the Reserve Bank of India in a customary post-budget meeting here on Friday. The minister is likely to inform the RBI board about the steps taken to contain fiscal deficit and may underline the need for reducing interest rates to promote growth.

Chidambaram, in an interaction with corporate leaders on Monday, expressed hope that the central bank would cut key interest rates going forward.

RBI is schedule to announce its mid-quarter policy review on 19 March. In its last review on 29 January, the central bank had lowered short-term lending and borrowing rate by 25 basis points (bps). It has also slashed cash reserve ratio (CRR) by 25 bps. One basis point is equal to one-hundredth of a percentage point.