Highlights of RBI monetary policy review

PTI Updated - January 24, 2018 at 04:17 PM.

Following are the highlights of RBI’s bi-monthly monetary policy statement:

Short-term lending rate unchanged at 7.75%

Cash reserve
ratio unchanged at 4%

Statutory liquidity ratio cut to 21.5%, effective February 7, to unlock banking funds

Current Account Deficit at 1.3% of GDP for 2014-15

Inflation target at 6% by January 2016

GDP growth estimates under old base for current fiscal at 5.5%; 6.5% for 2015-16

Banks asked to lend to productive sector to spur investment, growth

Limit of foreign exchange remittance doubled to $2,50,000 per person annually

72 applications for small finance banks, 41 for payments banks received

Export credit refinance to be replaced with provision of system level liquidity, effective February 7

Foreign portfolio investors allowed to re-invest in G-Secs after their investment limits are utilised

Bi-monthly policy statement for 2015-16 on April 7.

Published on February 3, 2015 06:38