Monetary policy review: RBI keeps repo rate unchanged at 6.5%
05 December, 2018, 16:12
In its last bi-monthly monetary policy, the bank had kept the repo rateunchanged at 6.5 percent. Five out of the six-member Monetary Policy Committee (MPC) voted in favour of keeping the repo rate unchanged at 6.50 percent and the reverse repo rate at 6.25 percent.
While the Statutory Liquidity Ratio now remains unchanged at 19.5%, the RBI has said it will be gradually reduced to 18% over the next six quarters. Currently, SLR stands at 19.5 percent.
The central bank has retained the GDP growth projection for 2018-19 at 7.4 per cent.
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RBI changed the policy stance to "calibrated tightening" from "neutral", while affirming its commitment to achieve the medium-term objectives to contain price rise.
The RBI had previously projected inflation at 3.9-4.5 percent by the end of March and at 4.8 percent for the first quarter of FY20, citing risks from rising crude oil prices, possible fiscal slippages in an election year, global market volatility. RBI governor Urjit Patel had said calibrated tightening essentially meant that during this cycle, a rate cut would not be considered and that the central bank was not bound to increase rates at every policy meeting.
What could be RBI's likely rate action? It noted that although Q2 growth was lower than that projected in the October policy, GDP growth in H1 has been broadly along the line in the April policy.
SLR is the reserve requirement that the commercial banks in India are required to maintain in the form of cash, gold reserves, government-approved securities before providing credit to the customers.
Measures to Improve liquidity management by banks: In order to enable banks to forecast their liquidity requirements with a greater degree of precision, it has been decided that RBI will provide information on daily CRR balance of the banking system to market participants on the very next day.
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