Comments
Following are the highlights of RBI’s third bi—monthly monetary policy statement, 2016-17:
* Repo rate unchanged at 6.50 per cent, Reverse Repo at 6%
* Cash reserve ratio or CRR unchanged at 4%
* Growth forecast at 7.6% for the current fiscal
* Inflation target remains 5% for January 2017; upside risk
* Normal monsoon, 7th Pay Commission award to boost growth
* GST roll out to boost business sentiment, investment
* Timely implementation of GST a challenge
* Premature to talk about inflationary impact of GST
* FCNR(B) redemptions not to disrupt liquidity in market
* Banks have passed on rate cut benefit only modestly
* FAQ on KYC norms on RBI website for easy reference
* Marginal Cost Lending Rate framework for interest rate to be modified
* Forex reserves at USD 365.7 billion on August 5
* Fourth bi—monthly monetary policy on October 4.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.