Monetary Policy: RBI says
Avalokita Pandey / 08 Feb 2017
The six-member monetary policy committee (MPC), headed by the Reserve Bank of India (RBI) Governor Urjit Patel, addressed a press conference minutes after the release of the monetary policy statement. Here are the highlights of what they said:
The six-member monetary policy committee (MPC), headed by the Reserve Bank of India (RBI) Governor Urjit Patel, addressed a press conference minutes after the release of the monetary policy statement. Here are the highlights of what they said:
* Repo rate unchanged at 6.25 per cent
* Policy stance to 'neutral' from 'accommodative', to give flexibility to move in either direction
* Demand fall, base effect may keep consumer price index (CPI) muted in April-June
* Continuation of stance of bringing liquidity to neutral
* Rate on hold to assess demonetisation impact on inflation and output gap
* Fall in CPI rate in November-December larger than expected
* Current account deficit (CAD) below 1 per cent of gross domestic product (GDP) for FY17
* FY18 Budget may cap upside risk to CPI
* Global food index has risen
* Cash withdrawal limit to be hiked to Rs 50,000 per week from February 20 to March 13 for savings account
* There is still a scope for lending rates to come down
* There are several global developments like oil price uncertainties, base metal prices gone up
* 9.92 lakh crore new notes infused into market as on January 27
* Full rollout of macro policies are still awaited
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