Money & Banking

Highlights of RBI's third bi-monthly monetary policy statement

PTI | Updated on January 17, 2018 Published on August 09, 2016

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.

Published on August 09, 2016
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