RBI keeps repo rate unchanged…
The Reserve Bank of India (RBI) on 7th June, kept key rates unchanged, as was widely expected, while lowering its projections for inflation after recent data showed consumer prices rising more slowly.
Repo rate - the rate at the which the central bank
lends short-term money to banks - stays unchanged at 6.25 per cent. CRR or Cash
Reserve Ratio - which is a portion of deposits that banks must mandatory keep
with the RBI—also stays unchanged at 4 per cent.
The RBI has cut the Statutory Liquidity
Ratio (SLR) by 50 basis points to 20%. RBI has projected the headline
inflation in the range of 2.0-3.5% in the first half of 2017-18 and
3.5-4.5% in the second half.
According to the central bank, the
implementation of GST is not expected to have material impact on overall
inflation. It has observed that the 7th Pay Commission allowances,
geo political, financial risk pose upside risk to inflation. RBI has reduced
the growth projection for the current fiscal to 7.3% from 7.4%.
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