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Reserve Bank Governor D. Subba Rao said the monetary policy became the first line of defense to combat credit crisis and that the crisis called for a greater co-ordination between monetary and fiscal policies, not only in India but around the world.
Speaking at the bank's Platinum Jubilee celebrations at Hyderabad Friday, he added that the first challenge is to manage the co-ordination between monetary and fiscal policies and the second challenge was defining the mandate of central banks and reforming the regulatory system, he went on.
He said that borrowing had prevented a dramatic drop in interest rates and there was need to manage short-term demand.
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