RBI monetary policy review: Repo rate cut by 0.25% to 6%

The cut in the repo rate by RBI will help in lowering interest rate for individual and corporate borrowers. It will thus make home, auto and corporate loans cheaper.

yesterday Rupee zoomed past the 64-mark against USD.Finance Ministry welcomes RBI rate cut saying it is important step for sustained growth, consistent with India’s potential.

yesterday Markets closed at day’s low as RBI maintained neutral policy stance. Sensex ended 98.43 points lower at 32,476.74; Nifty fell 33.15 points to 10,081.50.

Key hihglights:

Repo rate cut by 0.25% to 6%

A time-bound single window clearance needed at state government level for faster approval to affordable housing projects: Patel

Reserve Bank working on next list of large loan defaulters for resolution: Deputy Governor N S Vishwanathan

There is scope for banks to cut rates further, especially for those sectors which have not benefited in the past rate cuts: Patel

Performance of sectoral indices post RBI policy announcement

The evolving momentum of inflation would be determined by the impact on the CPI of the implementation of house rent allowances (HRA) under the 7th central pay commission (CPC): RBI

Next MPC meeting on October 3 and 4, 2017.

Farm loan waivers by states may lead to fiscal slippages and undermine quality of public spending, entailing inflationary spillovers: RBI

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Source:Zee news

RBI