RBI cuts interest rates for third time this year to boost growth
PTI, Jun 6, 2019, 12:23 PM IST
Mumbai: Slashing benchmark lending rates for the third time this year, the Reserve Bank of India cut its repo rate by 0.25 per cent Thursday and said its future monetary policy stance will be more accommodative.
Amid concerns of a slow down in the economy, the central bank lowered its gross domestic product (GDP) forecast to 7 per cent for the current fiscal from 7.2 per cent projected earlier.
The repo rate, at which the central bank lends to the system, will come down to 5.75 per cent after the cut.
While marginally increasing its inflation projection to 3-3.1 per cent for the first half of the fiscal year 2019-20, which is within the comfort range of 2-6 per cent set by the government, RBI cut the GDP growth targets sharply to 7 per cent for FY20 on weak global scenario and dip in private consumption.
“The MPC (monetary policy committee) notes that growth impulses have weakened significantly A sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern,” read the policy resolution.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
With impact player, it is getting difficult each and every day: Pant
Congress in K’taka to stage protest on Apr 28 against ‘paltry’ drought relief given by Centre
McGurk, Stubbs rock as DC beat MI by 10 runs
‘Shaurya Smarak’ of three fallen Army officers unveiled in Jammu
BJP drops Poonam Mahajan, picks 26/11 prosecutor Ujjwal Nikam from Mumbai North Central seat