RBI KEEPS REPO RATE UNCHANGED AT 6.5%

The Reserve Bank of India (RBI) kept its policy rates unchanged on Wednesday, as was widely expected, and cut its inflation forecast for the rest of the financial year, citing a sharp fall in crude oil prices and food “deflation”. The central bank also introduced proposals to improve policy rate transmission and credit discipline, besides initiating a predictable liquidity injection over the next six quarters, starting January, through a phased reduction of 25 basis points (bps) every quarter in statutory liquidity ratio (SLR). The six-member monetary policy committee (MPC) voted unanimously to keep the policy rate unchanged at 6.5%. Barring Ravindra Dholakia, the MPC voted in favour of maintaining the earlier stance of “calibrated tightening”. Dholakia, known for his dovish stance, voted to change the stance to neutral. Wednesday. The position was lying vacant since July after the agency sacked its worldwide CCO, Tham Khai Meng, following charges of misconduct. Pandey is currently serving as executive chairman and creative director, Ogilvy South Asia. “We could not be more thrilled that Piyush will be serving as our chief creative officer, worldwide, and my creative partner. Creativity has and will always be at the heart of the Ogilvy brand and culture. Piyush is the perfect leader to shepherd that legacy as we continue to focus on making brands matter,” said John Seifert, chief executive, worldwide, Ogilvy, in a statement.