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INTERVIEW-Indian cenbanker says policy easing possible in January

MEXICO CITY, Nov 5 (Reuters) - The Reserve Bank of India may ease monetary policy in January if growth and inflation develop as expected, Governor Duvvuri Subbarao said on Monday.

India's central bank said last week it may ease in the first quarter of 2013 but gave no specific guidance on the timing, after leaving interest rates on hold but cutting the cash reserve ratio for banks.

Asked if further easing was more likely at the RBI's January meeting or the March meeting, he said: `` We would assess the situation in January and try and act according to our guidance. Should the situation be different, t h en we will have to defer until March.''

(Reporting by Krista Hughes; Editing by Kieran Murray)