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In its 3rd bi-monthly monetary policy review, the monetary policy committee of the Reserve Bank of India (RBI) today hiked Repo rate by 25 bps for the second time in a row to 6.5%. This move aimed at keeping inflation under check. This was the first time since October 2013 that the central bank hiked the Repo Rate (the rate at which it lends to commercial banks) at two consecutive policy meetings. Five of the six members on the rate panel voted for the rate increase. The Reverse repo rate (the rate at which the RBI borrows from commercial banks) was raised by 25 basis points, to 6.25 per cent. Here are complete highlights of today's RBI's Monetary Policy review 201-19.
Highlights of RBI third bi-monthly policy statement 2018-19
- RBI hikes key interest rate (repo) by 25 bps to 6.5 per cent;
- It is 2nd consecutive hike in short-term lending rate;
- Consequently, reverse repo rate stands at 6.25 per cent;
- New marginal standing facility rate is 6.75 per cent;
- Monetary policy stance to remain neutral;
- GDP growth seen at 7.5-7.6 per cent for April-September period;
- GDP growth projection retained at 7.4 per cent for 2018-19;
- Retail inflation pegged at 4.8 p er cent for second half of current fiscal;
- 5 MPC members voted in favour of rate hike, one against;
- Next 3-day MPC meeting from Oct 3;
- 4th bi-monthly monetary policy statement on Oct 5.
- Repo Rate : 6.50%
- Reverse Repo Rate : 6.25%
- MSF (Marginal Standing Facility) : 6.75%
- Bank Rate : 6.75%
- CRR : 4%
- SLR : 19.5%
Download PDF Version of RBI 3rd Bi-Monthly Policy Review Statement 2018-19 from HERE
Satish Penumetsa
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