Following are the highlights of RBI’s third bi—monthly monetary policy statement, 2016-17:
* Repo rate unchanged at 6.50 per cent, Reverse Repo at 6%
* Cash reserve ratio or CRR unchanged at 4%
* Growth forecast at 7.6% for the current fiscal
* Inflation target remains 5% for January 2017; upside risk
* Normal monsoon, 7th Pay Commission award to boost growth
* GST roll out to boost business sentiment, investment
* Timely implementation of GST a challenge
* Premature to talk about inflationary impact of GST
* FCNR(B) redemptions not to disrupt liquidity in market
* Banks have passed on rate cut benefit only modestly
* FAQ on KYC norms on RBI website for easy reference
* Marginal Cost Lending Rate framework for interest rate to be modified
* Forex reserves at USD 365.7 billion on August 5
* Fourth bi—monthly monetary policy on October 4.