Mumbai: Reserve Bank of India (RBI) does not intend to change the norms for trading in government securities (G-secs) following the multi-crore gilts scam involving several co-operative banks and brokers.

"The RBI rules on G-secs are well known and we have no plans to change them," RBI Governor Bimal Jalan told reporters on May 13 after releasing the 'India Development Report 2002' brought out by Indira Gandhi Institute of Development Research (IGIDR) and Oxford University Press.

Nagpur, Osmanabad and Wardha District Central Co-operative Banks among others as also the Seamen's Provident Fund Organisation lost several crores when they gave the money to broking firms Home Trade and Gilt Edge for investing in G-secs but failed to secure physical delivery of instruments.

Jalan said that the apex bank was also in touch with Maharashtra government regarding the recent scam. The fraud cases were being dealt with as per the laws, he added.

Referring to setting up an apex co-operative body, the RBI Governor said, "Government is considering the idea and it is for them to decide."

On the borrowing programme and the response to auctions of government stock, he said, "The appetite keeps on changing from week to week and we are not too concerned about it."

Earlier, Jalan, while releasing the report, said that India has seen a six per cent growth in the last 20 years till 2000. "So why is it surprising when we talk of seven to eight per cent growth?" he asked.

PTI