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India Monetary Policy: RBI Keeps Key Interest Rates Unchanged, SLR Cut By 25 Basis Points To 19.25%

PRERNA YADAV | 0
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| December 5 , 2018 , 17:30 IST

The Reserve Bank of India (RBI) left the repo rate unchanged while maintaining the stance of 'calibrated tightening' of policy and projected H1FY20 GDP growth at 7.5 per cent on Wednesday.

SLR cut by 25 basis points to 19.25 per cent from January 1, 2019. The central bank also said that SLR would be reduced by 25 basis points every quarter.

The key rate remains unchanged at 6.5 per cent in its fifth bi-monthly policy review of 2018-19.

According media reports RBI said, "The decision of the Monetary Policy Committee is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/-2 per cent, while supporting growth."

All six members of the MPC voted to keep the rates on hold.

RBI policy statement read ,“The MPC decided to keep the policy repo rate on hold and maintain the stance of calibrated tightening. While the decision on keeping the policy rate unchanged was unanimous, Ravindra H Dholakia voted to change the stance to neutral.”

The bank said in its statement, “Even as inflation projections have been revised downwards significantly and some of the risks pointed out in the last resolution have been mitigated, especially of crude oil prices, several uncertainties still cloud the inflation outlook."

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The Reserve Bank of India in its last policy review in October had kept rates on hold. However, it had changed its stance on key policy rates to 'calibrated tightening' due to uncertain global economic activity.

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