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In it's 4th bimonthly policy review, the 6 member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) headed by RBI Governor Shaktikanta Das, today cut the Repo Rate by 25 basis points to 5.15 per cent. This is the 5th straight rate cut from the RBI. The Reverse repo rate stood at 4.90 per cent. Here are the major highlights of RBI's 4th bimonthly policy review 2019.
RBI Monetary Policy Review Highlights 2019
- RBI's monetary policy committee decided to cut repo rates by 25 basis points to 5.15 percent.
- The reverse repo rate under the LAF stands reduced to 4.90 per cent
- The marginal standing facility (MSF) rate and the Bank Rate to 5.40 per cent.
- The MPC also decided to continue with an accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target.
- Indian shares rose today ahead of a likely interest rate cut by the RBI in the backdrop of slowing economic growth, with beaten-down banking stocks leading gains.
- The minutes of the MPC’s meeting will be published by October 18, 2019.
- In the August policy, all members of the MPC (Monetary Policy Committee) unanimously voted to reduce the policy repo rate and to maintain the accommodative stance of the monetary policy.
- RBI Governor Shaktikanta Das had justified the RBI`s unconventional move saying, "the economy needed a larger push" and a reduction in the policy repo rate by the conventional 25bps would be inadequate.
- The next meeting of the Monetary Policy Committee (MPC) is scheduled during December 3-5, 2019.
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