RBI policy highlights: Cash withdrawal limits to end from March 13

The Reserve Bank of India (RBI) announced it monetary policy on Wednesday. Speculations were rife that the RBI might lower the benchmark repurchase rate to 6%. RBI, had in December last year, kept the policy rate unchanged at 6.25% in its fifth bimonthly policy review.

Factors such as inflation, global uncertainty and demonetisation had influenced the decision earlier, 

Here are some key highlights of RBI's latest monetary policy:

• Repo rate remains unchanged  at 6.25%

• RBI changes stance from accommodative to neutral

• MSF & Bank rate unchanged at 6.75%

• In FY17, GVA target lowered to 6.9% from earlier target of 7.1%

• Current account deficit below 1% of GDP in FY17

• Jan-March CPI at 4% with a band of +/-2 in medium term

• Growth to recover sharply in FY18
• Weekly cash withdrawal limits on savings account to be raised to Rs 50,000 from Feb 20, 2017
• Cash withdrawal limits to be removed from March 13, 2017 
• Cash withdrawal limits to be eased in two stages
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