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Highlights of RBI monetary policy

PTI/Agencies, New Delhi
07/02/2019   0 Comments

Following are the highlights of the sixth bi-monthly monetary statement for 2018-19 by the RBI: * RBI cuts key lending rate (repo) by 0.25 pc to 6.25 pc * Reverse repo rate cut to 6 pc, bank rate to 6.5 pc, CRR unchanged at 4 pc * Headline inflation estimates revised down to 2.8 pc in March quarter, 3.2-3.4 pc in first half of next fiscal and 3.9 pc in Q3 of FY'20 * Projects GDP growth to accelerate to 7.4 pc next fiscal, from 7.2 pc in 2018-19 * Pegs April-September growth in range of 7.2-7.4 pc, and 7.5 pc 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 MPC from April 2-4.

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