Rbi cuts repo rate by 25 bps to 6%

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The Mone­tary Pol­icy Com­mit­tee (MPC) of the re­serve Bank of In­dia cut the repo rate by 25 ba­sis points to 6 per cent. The de­ci­sion was taken in its third bi-monthly pol­icy re­viewon August 02. The cen­tral bank had last cut the pol­icy rate in Oc­to­ber 2016.Four of six MPC mem­bers, Dr. Chetang­hate, Dr.pamidua, Dr. Vi­ral V. Acharya and Dr.ur­jit R. Pa­tel were in favour of the mone­tary pol­icy de­ci­sion, while Dr. Ravin­dra H. Dho­lakia voted for a pol­icy rate re­duc­tion of 50 ba­sis points and Dr. Michael De­babrat­a­p­a­tra voted for sta­tus quo. MPC de­cided to keep the pol­icy stance neu­tral and to watch in­com­ing data. The re­verse repo rate has been ad­justed to 5.75 per cent, and the mar­ginal stand­ing fa­cil­ity (MSF) rate and the bank rate to 6.25 per cent.the pro­jec­tion of real GVA growth for 2017-18 has been re­tained at the June pro­jec­tion of 7.3 per cent, with risks evenly bal­anced.cpi in­fla­tion stood at 1.54 per cent in June, lower than the cen­tral bank’s target range of 2-3.5 per cent dur­ing the first half of the fi­nan­cial year.

Ur­jit Pa­tel, rbi Gover­nor

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