RBI's monetary policy review 5 August 2014: Highlights
Freinds.. Here are the highlights of RBI’s bi-monthly monetary policy statement released on 5 August 2014.
>> Short-term lending (repo) rate unchanged at 8%
>> Cash reserve ratio (CRR) unchanged at 4%
>> SLR cut by 0.50% to 22% to unlock banking funds
>> Estimates GDP growth at 5.5% for current fiscal
>> Targets 8% CPI inflation by January 2015, 6% by Jan 2016
>> Lowers banks’ SLR holdings in held-to-maturity category by 0.5% to 24%
>> Govt policies to improve domestic demand, supply conditions
>> Higher oil prices, pass-through of administered price increases pose upside risks to inflation
>> Monsoons still a concern, posing risks to inflation
>> Govt action on food management and fast-tracking project completion to improve supply
>> Banking sector reforms will continue
>> Next bi-monthly policy statement on September 30.
Current RBI rates as on 5 August 2014 are as follows:
1) Bank Rate- 9%
2) Repo Rate- 8%
3) Reverse Repo rate- 7%
4) Cash Reserve Ratio (CRR)- 4%
5) Statutory Liquidity Ratio (SLR)- 22%
6) Marginal Standing Facility- 9%
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