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Following are the highlights of RBI’s second 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%
Monetary policy to remain accommodative
Pegs growth forecast at 7.6% for the current fiscal
Inflation target kept unchanged at 5% for January 2017 with upward bias
Impact of firming crude oil prices, implementation of 7th Pay Commission recommendations need to be watched
Interest rate transmission critical for growth revival
Timely capital infusion in PSU banks to aid credit flow
Public investment gaining strength, continuing weakness in private investment is a concern.
To shortly review the implementation of the Marginal Cost Lending Rate framework by banks
Third bi-monthly monetary policy on August 9
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