RBI KEEPS REPO RATE UN­CHANGED AT 6.5%

Hindustan Times ST (Jaipur) - - World -

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.

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