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In it's first monetary policy meeting of the new fiscal year 2018-19, the Reserve Bank of India (RBI) today kept the Repo Rate unchanged at 6%. This the fourth time when the RBI maintained status quo on repo rate at 6%, which is lowest in over seven years since November 2010. The reverse repo rate remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%. Here are the complete highlights of RBI's Monetary Policy Report - April 2018.
RBI monetary policy April 2018 Highlights
- RBI decided to maintain status quo for the fourth time in a row.
- Policy Repo Rate under the liquidity adjustment facility (LAF) remained unchanged at 6.0%.
- Reverse Repo Rate under the LAF remains at 5.75%
- Marginal Standing Facility (MSF) rate as well as the Bank Rate stands at 6.25%.
- The RBI remains firm on its neutral stance, from its earlier stand of being accomodative.
- Deciding to keep the policy repo rate on hold and continue with the neutral stance, the Monetary Policy Committee (MPC) reiterates its commitment to achieving the mediumterm target for headline inflation of 4 per cent on a durable basis.
- Dr Chetan Ghate, Dr Pami Dua, Dr Ravindra H Dholakia, Dr Viral V. Acharya and Dr Urjit R Patel voted in favour of the monetary policy decision. Dr Michael Debabrata Patra voted for an increase in the policy rate of 25 basis points.
- The minutes of the Monetary Policy Committee (MPC)’s meeting will be published by April 19, 2018.
- The next meeting of the Monetary Policy Committee (MPC) is scheduled on June 5 and 6, 2018.
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