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September 29, 2015

Important : RBI cuts interest rate by 0.5% - Check New RBI Rates 2015

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In its monetary policy review, the Reserve Bank of India (RBI) today (29th September 2015) cut its interest rate by 0.50 per cent, double of what was broadly anticipated and the biggest in more than three years. The cut brought down Repo rate to 6.75 per cent, the lowest in four-and-half-years. RBI reduced the Key Rate (Repo) by 50 basis points from 7.25 per cent to 6.75 per cent with immediate effect. The Reverse Repo Rate stands at 5.75 percent. The RBI has kept the CRR (Cash Reserve Ratio) unchanged at 4 percent. It also relaxed norms for home loan seekers. The central bank cut the GDP forecast to 7.4 per cent for the current fiscal to 7.6 per cent while projecting retail inflation at 5.8 per cent for January. Within minutes of RBI policy announcement, Andhra Bank cut its benchmark lending rates by 0.25 per cent. State Bank of India (SBI) slashed minimum lending or base rate by 0.4 per cent to 9.3 per cent. The other banks are likely to follow suit.

Highlights of RBI Monetary Policy

  • Cuts interest rate by 0.5 per cent to boost economy
  • Repo rate adjusted to 6.75 pc, lowest in 4-years
  • Expects banks to pass on entire benefit to borrowers
  • CRR remains unchanged at 4 pc
  • GDP forecast for 2015-16 lowered to 7.4 pc
  • Tentative economic recovery underway, far from robust
  • Global environment looking weak; not good for India
  • Growth likely to pick up in later part of this fiscal
  • CPI inflation expected to reach 5.8 pc in January 2016
  • Inflation is likely to go up from Sept
  • FPI investment limit in debt securities to be fixed in rupee term
  • FPI investment limit in govt bonds to be hiked to 5 pc by 2018
  • RBI to issue final guidelines on base rate computation by November-end.
  • Fifth Bi-monthly Monetary Policy on December 1. 

Check Current RBI Rates with Detailed Explanations from here

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