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Urjit Patel cuts interest rates in his Monetary Policy

  • monetary policy, RBI, RBI Governor, Urjit Patel
    RBI Governor, Urjit Patel speaks during a presss conference announcing the RBI monetary policy

    Reserve Bank of India Governor Urjit Patel cut interest rates by a quarter point

  • monetary policy, RBI, RBI Governor, Urjit Patel
    The RBI lowered its repo rate by 25 basis to 6.25% and maintained that it would continue with its accommodative monetary stance.

    All six of the monetary policy committee unanimously voted in favour of the rate cut.

  • monetary policy, RBI, RBI Governor, Urjit Patel
    This is the first instance where a monetary policy committee of 6 members is deciding on the interest rates.

    "The Committee expects that the strong improvement in sowing, along with supply management measures, will improve the food inflation outlook,” RBI said.

  • monetary policy, RBI, RBI Governor, Urjit Patel
    "The accommodative stance of monetary policy and comfortable liquidity conditions should support a revival of credit to the productive ...

    "The sharp drop in inflation reflects a downward shift in the momentum of food inflation – which holds the key to future inflation outcomes – rather than merely the statistical effects of a favourable base effect.”

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