- This is Patel’s maiden announcement as RBI Governor.
- This was the central bank’s fourth bi-monthly policy statement for the year 2016-17.
- This is for the first time that decision-making on interest rates has shifted to the six-member panel (Monetary Policy Committee) which has equal representation from RBI and the government.
- Since January last year, the RBI has cut the repo-rate – the rate at which RBI lends to banks – five times.
- New Changes in Policy Rates :
- Repo Rate - 6.25% earlier it was 6.50 %
- Reverse Repo Rate - 5.75 % earlier it was 6.00%
- MSF - 6.75% earlier it was 7.00%
- Bank Rate - 6.75 % earlier it was 7.00%
- The next meeting of the MPC is scheduled on December 6 and 7, 2016 and its resolution will be announced on December 7.