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RBI to be free to use policy instruments - Subramanian

Reuters
The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai October 29, 2013. REUTERS/Danish Siddiqui/Files

NEW DELHI (Reuters) - The Reserve Bank of India will be free to use the instruments at its disposal to steer monetary policy under a new inflation targeting regime agreed with the finance ministry, the ministry's economic adviser Arvind Subramanian said on Monday.

The RBI will have freedom to use its instruments for monetary transmission, Subramanian told reporters after the central bank and the government struck a pact to shift to a policy framework based on targeting consumer price inflation.

(Reporting by Manoj Kumar; Writing by Douglas Busvine; Editing by Malini Menon)