RBI : 3rd Bi-monthly Monetary Policy Statement 2016-17
Dear Readers,
As we all know that today Raghuram Rajan the governor of Reserve Bank of India (RBI) has published the 3rd Bi-monthly Monetary Policy Statement, 2016-17.
So we are going to provide you a short note about the same. As we don't want you to miss any important news. Here we go:-
So we are going to provide you a short note about the same. As we don't want you to miss any important news. Here we go:-
Raghuram Rajan the governor of Reserve Bank of India, held steady on the interest rates at RBI's third bi-monthly monetary policy statement for the fiscal year 2016-17. Mr. Rajan, whose term ends on September 4, maintained repurchase (repo) rate at 6.5 per cent. While the governor kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4 percent and other rates like RRR, SLR etc also remains unchanged.
So these are the Highlights of RBI's third bi-monthly monetary policy statement:-
- Repo Rate- 6.50%- Unchanged
- Reverse Repo Rate - 6.00%- Unchanged
- Marginal Standing Facility Rate (MSF)- 7.00%- Unchanged
- Bank Rate- 7.00%
- Cash Reserve Ratio (CRR)- 4%- Unchanged
- Statutory Liquidity Ratio (SLR)- 21%- Unchanged
- Base Rate- 9.30% - 9.70%
- Savings Deposit Rate- 4.00%
- Term Deposit Rate > 1 Year 7.00% - 7.50%
- Growth forecast at 7.6% for the current fiscal
- Inflation target remains 5% for January 2017, upside risk
- Normal monsoon, 7th Pay Commission award to boost growth
- GST rollout to boost business sentiment, investment, and Timely implementation of GST a challenge
- Marginal Cost Lending Rate framework for the interest rate to be modified.
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