ALSO READRBI monetary policy: Repo rate kept unchanged at 6% Full text: RBI keeps rates unchanged, cuts inflation projection RBI keeps repo rate unchanged at 6%; full text of policy statement Full text: RBI keeps repo rate unchanged at 6%, growth estimate at 6.7% RBI cuts repo rate by 25 basis points to 6%
Key highlights RBI maintains status quo, keeps repo rate unchanged at 6 per cent; maintains neutral stance. MSF, bank rate unchanged at 6.25 per cent Real GVA growth aim stays at 6.7 per cent with risks evenly balanced MPC committed to keep CPI close to 4 per cent on durable basis Monetary policy highlights: — Q2 Growth was lower than projected in the October policy — Recent increase in crude prices may have a negative impact on GVA growth — Shortfalls in kharif production and rabi sowing pose downside risks to agri outlook — There has been some pick-up in credit growth in recent months RBI's growth projections for FY18 — FY18 real GVA maintained at 6.7 per cent — Q3 GVA seen at 7 per cent — Q4 GVA seen at 7.8 per cent Highlights of Monetary Policy: — Upward trajectory in flation may continue in the near-term — Impact of HRA by the central government is expected to peak in December — Recent rise in international crude oil prices may sustain — Q3, Q4 inflation estimated in 4.3-4.7 per cent range RBI Governor Urjit Patel: Governance reforms for all PSU Banks will also feature for all banks. PSU Bank recap bonds to be front-loaded for banks with better balancesheets. RBI Governor Urjit Patel: MPC considered upside pressure on food and living costs.
The monetary policy committee (MPC) of the Reserve Bank of India (RBI), led by Governor Urjit Patel, kept its policy rate unchanged on Wednesday, as widely expected, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.