Highlights of RBI’s monetary policy statement
PTI, Jun 6, 2019, 12:46 PM IST
Mumbai, Jun 6 (PTI) Following are the highlights of the second bi-monthly monetary policy announced by the RBI on Thursday:
Repo rate reduced by 25 bps to 5.75 pc for third time in a row *
Reverse repo rate now stands at 5.50 pc, marginal standing facility (MSF) rate 6 pc *
RBI changes policy stance to accommodative from neutral *
Cuts GDP growth forecast to 7pc from 7.2 pc for FY20*
Raises retail inflation forecast for Apr-Sept to 3-3.1 pc and 3.4-3.7 pc in
Oct-Mar *
Projects upward bias in food inflation in near term due to rising prices of food items *
Forecast risks to inflation trajectory from monsoon uncertainties, unseasonal spike in vegetable prices, crude oil prices, financial market volatility and fiscal scenario *
Waives RTGS and NEFT charges to promote digital transactions *
Sets up a panel to review ATM charges, fees levied by banks *
To issue draft guidelines for ‘on tap’ licensing of small finance banks by Aug *
Flags sharp slowdown in investments, moderation in private consumption growth as concern *
All six MPC members voted in favour of 0.25 pc policy rate cut *
Average daily surplus liquidity in the system at Rs 66,000 crore in early June *
Foreign Exchange Reserves stood at USD 421.9 billion on May 31, 2019 *
Next monetary policy statement on August 7.
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