Mumbai: Following are the highlights of RBI's third monetary policy review for the current fiscal unveiled on Wednesday:
- RBI cuts key interest rate (repo) by an unusual 35 basis points (0.35 percentage points) to 5.40 per cent
- Reverse repo rate has been revised to 5.15 per cent
- From December 2019 National Electronic Funds Transfer (NEFT) to be 24*7
- The marginal standing facility (MSF) rate and bank rate stands at 5.65 per cent
- Maintains the accommodative policy stance
- Cuts GDP forecast to 6.9 per cent for the current fiscal from 7 per cent in June policy
- Keeps retail inflation forecast within target of 3.5-3.7 per cent for second half of 2019-20
- Four members voted for cut of 35 basis points in rate; two members voted for 25 basis points rate cut
- Boosting aggregate demand, private investment assumes highest priority
- Next monetary policy statement on October 4
Read more:RBI opts for unconventional 35 bps cut in Repo Rate; EMIs to be cheaper
