Third Bi-Monthly Monetary Policy Statement of FY20

Statement of Hon'ble Shri CH. S.S. Mallikarjuna Rao, MD & CEO of Allahabad Bank on Third Bi-Monthly Monetary Policy Statement of FY20-7th August 2019. The rate cut was expected but an unconventional 35 bps rate cut, indicates that RBI is focused on creating impetus for growth in economy and also give more room to banks for rate transmission. Also unchanged policy stance is an indication that the Central Bank may not hesitate to go for another round of rate cut in the current fiscal, if the economy demands.