RBI keeps repo rate unchanged at 6%
In its fourth bi-monthly monetary and credit policy review, the Monetary Policy Committee (MPC) of the Reserve Bank of India headed by Governor Urjit Patel kept the short-term lending rate or the repo rate constant at 6 per cent, as on the lines of market expectations. The committee cut the Statutory Liquidity Ratio (SLR) requirement by 50 basis points to 19.5 per cent effective from October 14 fortnight and kept the Cash Reserve Ratio (CRR) unchanged at 4 per cent. The projection of real GVA growth for 2017-18 has revised down to 6.7 per cent from the August 2017 projection of 7.3 per cent, with risks evenly balanced. CPI inflation seen at 4.2% in Oct-Dec quarter; 4.6% in Jan-Mar quarter, RBI said.
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