Thursday, 18 April, 2019

RBI Policy: MPC cuts repo rate by 25 basis points to 6.25%

RBI Policy MPC Cuts Benchmark Rate RBI Governor Emphasises Growth RBI Policy: MPC Cuts Repo Rate by 25 Basis Points to 6.25%
Russell Knight | 07 February, 2019, 20:12

Rajiv Kumar, vice chairman of government think-tank NITI Aayog, said the bank should act to help spur "higher growth rates". It also stayed below RBI's inflation target of 4 per cent for five consecutive months.

It can be noted that the RBI had hiked rates twice in quick succession in 2018 but has been cutting its inflation projections ever since, leading to the rate cut Thursday-the first since the middle of 2017.

The central bank also sounded bullish about the prospects in the real sector, only marginally reducing its 2019-20 GDP growth forecast to 7.4 percent from 7.5 percent earlier, amid sprouting investment revival signs.

The central bank's surprise cut in interest rate could work well with the Narendra Modi government at the Centre which wants to boost growth in an election year.

RBI has decided enhancement of collateral free agriculture loan from Rs 1 lakh to Rs 1.6 lakhs. This is the first policy statement issued by the RBI under its newly appointed governor Shaktikanta Das.

Some politicians and stock market analysts said the rate cut decision may not improve Modi's chances in the election as the banks could take time to pass on rate cut benefits. "The need is to strengthen private investment activity and buttress private consumption". The MPC expects inflation to ease from this point (2.8 percent for ongoing quarter; 3.2-3.4 percent for first half of next fiscal).

Trade tensions and associated uncertainties appear to be moderating global growth, the bank said.

Brandon Ingram Taunted With "LeBron's Gonna Trade You" Chants
In the loss, James became just the fifth player in National Basketball Association history to record 32,000 career points. Bojan Bogdanovic was Indiana's chief shooter, scoring a game-high 24 points, including his team's first 10 of the night.

Windhorst: Jabari Parker could be on Lakers 'within the next few days'
Parker, it should be said, has been on an upswing as of late after falling out of the Bulls rotation earlier in the season. Gentry told reporters today that Davis will not play at least through the trade deadline, which is Thursday at 3 p.m.

NC State and Virginia Tech set basketball back decades on Saturday
State reached double figures - it reached 11 points on a Hellems jumper with 5:33 left - the Hokies had just 13 points themselves. State (16-6, 4-5) made just 9 of 54 shots, a conversion rate of 16.7 percent that included a 2-for-28 showing from 3-point range.

Crude oil prices have also moderated sharply over the last six weeks, which could push down headline inflation rate even further.

In another measure, resolution applicants under corporate insolvency resolution process (CIRP) will also be allowed to avail of external commercial borrowings (ECBs) to repay existing lenders.

The RBI had maintained status quo on the key lending rate (repo) in its last three bi-monthly policy reviews after raising the rate twice by 25 basis points each in the fiscal.

"Inflation in the prices of farm inputs and industrial raw materials remain elevated, despite some softening".

Mumbai: The Reserve Bank of India (RBI) on Thursday unexpectedly lowered interest rates and as anticipated, shifted its stance to "neutral" from "calibrated tightening" to boost a slowing economy after a sharp fall in the inflation rate.

Dr Ravindra H. Dholakia, Dr Pami Dua, Dr Michael Debabrata Patra and Shri Shaktikanta Das voted in favour of rate cut decision while Dr Chetan Ghate and Dr Viral V. Acharya voted to keep the policy rate unchanged.

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