Highlights of RBI’s monetary policy statement


Mumbai: Following are the highlights of the RBI’s fourth bi-monthly monetary policy statement of 2019-20:

* Repo rate or short-term lending rate reduced by 25 bps to 5.15 pc;

* It is fifth rate cut in 2019;

* GDP growth forecast lowered for current fiscal to 6.1 pc from 6.9 pc earlier;

* RBI continues with its accommodative monetary stance to revive economic growth;

* Government stimulus measures to help strengthen private consumption and spur investments;

* Continuing slowdown warrants intensified efforts to restore growth momentum;

* Retains retail inflation projection for second half of year at 3.5-3.7 pc;

* RBI notes monetary transmission has been staggered and incomplete;

* Foreign exchange reserves stood at USD 434.6 bn on Oct 1, up USD 21.7 bn over March-end 2019;

* All members of rate-setting Monetary Policy Committee (MPC) voted for rate cut;

* Next monetary policy review meet scheduled during December 3-5, 2019. (PTI)