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Highlights of RBI's 6th bi-monthly monetary policy statement of 2018-19
- RBI cuts key lending rate (repo) by 0.25 per cent to 6.25 per cent.
- Reverse repo rate cut to 6 pc, bank rate to 6.5 per cent, CRR unchanged at 4 per cent
- Headline inflation estimates revised down to 2.8 per cent in March quarter, 3.2-3.4 per cent in first half of next fiscal and 3.9 per cent in Q3 of FY'20
- Projects GDP growth to accelerate to 7.4 per cent next fiscal, from 7.2 per cent in 2018-19
- Pegs April-September growth in range of 7.2-7.4 per cent, and 7.5 per cent in Q3 of 2019-20
- Oil price outlook hazy, trade tensions to weigh on global growth prospects
- Union budget proposals to boost demand by raising disposable incomes
- To revise definition of bulk deposits as single rupee deposits of Rs. 2 crore and above from Rs. 1 crore currently
- To issue guidelines to harmonise major categories of NBFCs
- Proposes to set up a task force on Offshore Rupee Markets to ensure Rupee value stability
- Removes restrictions on Foreign Portfolio Investors investing in corporate debt market
- To come out with discussion paper on Payment Gateway Service Providers and Payment Aggregators
- Hikes limit of collateral-free agricultural loans to Rs. 1.6 lakh from Rs. 1 lakh, to help small and marginal farmers
- Constitutes Working Group to review agricultural credit
- Monetary policy committee votes 4:2 in favour of rate cut, unanimous on change in stance
- 2 MPC members Chetan Ghate and Viral Acharya were for status quo in rates
- Next meeting of the Monetary Policy Committee (MPC) will be during 2nd to 4th April 2019.
Current RBI Policy Rates 2019
- Repo Rate : 6.25%
- Reverse Repo Rate : 6.00%
- MSF (Marginal Standing Facility) : 6.50%
- Bank Rate : 6.50%
- CRR : 4%
- SLR : 19.25%
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