Stock markets reacted positively to the RBI policy . The BSE’s sensitive index, which was up by about 450 points in the morning, rose further in a few minutes after the announcement and climbed another 150 points.

The BSE Sensex was trading at 33,617 points, about 20 minutes before the close of trading today.

The news about the deferring of the applicability of Indian Accounting Standards (Ind-AS) by another year to banks was cheered by stock markets.

Top bank stocks were in the green. SBI shares were up 3.69% at Rs 256, ICICI Bank up 3.2% at Rs 297, while Axis Bank was up 2.47% at Rs 502 on the BSE.

Market experts welcomed the policy, while acknowledging that it was on expected lines.

Motilal Oswal, Chairman & MD, Motilal Oswal Financial Services Ltd, said that it was imperative in the global scenario to hold the horses of reaction to rates.

He said, "Two continents are going to tighten the economy. In that situation to keep status quo on rates is the best way. From the Indian context, we are at a reasonably good base rate and financial sector is now passing on the benefits of lower rates slowly, in the economy. "