RBI Policy Review Highlights: Urjit Patel Says Banks Have Scope For Lowering Rates

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RBI Policy Review Highlights: Urjit Patel Says Banks Have Scope For Lowering Rates

The RBI's monetary policy panel is expected to announce a cut in repo rate on Wednesday

Reserve Bank of India Governor Urjit Patel-headed Monetary Policy Committee decided to cut the repo rate, or key lending rate, by 25 basis points to a seven-year low of 6 per cent on Wednesday. This was in line analysts' expectations. Forty of 56 economists polled by Reuters had predicted the central bank to cut its key rate - the repo rate - by a quarter percentage point to 6 per cent. The move to lower repo rate is expected to make loans cheaper. In a press conference after release of the RBI policy document, Mr Patel said that banks have scope for lowering lending rates further in some segments.
 

Here are highlights of the RBI's monetary policy review:




Aug 02, 2017
15:15 (IST)
Farm loan waivers by states may lead to fiscal slippages, undermine quality of public spending, entailing inflationary spillovers, says RBI in policy statement 
Aug 02, 2017
15:14 (IST)
Working in close coordination with government to resolve large stressed corporate borrowings, recapitalise PSU banks, says RBI
Aug 02, 2017
15:12 (IST)
Markets off day's low: Sensex down 50 points at 32,523, Nifty 20 points lower at 10,094. Banking sub-index of NSE (Nifty Bank) turns flat 
Aug 02, 2017
15:11 (IST)
Currency update: Rupee strengthens further to 63.73 against dollar 
Aug 02, 2017
15:10 (IST)
Second bi-monthly statement of RBI projected quarterly average headline inflation in range of 2.0-3.5% in first half of year, 3.5-4.5% in second half

Aug 02, 2017
15:09 (IST)

Banks have scope to lower lending rates in some segments, says RBI chief Urjit Patel 
Aug 02, 2017
15:03 (IST)

Inflation has fallen to historic low, a conclusive segregation of transitory, structural factors driving disinflation still elusive, says Reserve Bank of India
Aug 02, 2017
15:00 (IST)
Inflation, excluding food & fuel, has fallen significantly in last 3 months: RBI chief Urjit Patel
Aug 02, 2017
14:59 (IST)
Aug 02, 2017
14:58 (IST)
Market update: Sensex down 115 points at 32,460 while the Nifty50 index traded 43 points or 0.42 per cent lower at 10,071. Nifty Bank, the banking sub-index of NSE was down 0.46. Auto and realty stocks also extended fall.
Aug 02, 2017
14:57 (IST)
RBI to review MCLR (marginal cost of funds based lending rate)-based lending system of banks, panel to submit report in September:  Viral Acharya
Aug 02, 2017
14:56 (IST)
Currency in circulation showing early signs of normalisation: RBI Deputy Governor Viral Acharya

Aug 02, 2017
14:53 (IST)

International financial markets have been resilient to political uncertainties and volatility has declined, except for sporadic reactions to hints of balance sheet adjustments by systemic central banks, says RBI 
Aug 02, 2017
14:50 (IST)
There is a need to reinvigorate private investment, says RBI
Aug 02, 2017
14:50 (IST)
Falling inflation, smooth GST implementation, normal monsoon opened room for rate cut, says RBI Governor Urjit Patel
Aug 02, 2017
14:47 (IST)

Four members of Monetary Policy Committee voted to cut rates by 25 bps, while one voted for a 50 bps cut and one voted for leaving rates unchanged (Read more)

Aug 02, 2017
14:46 (IST)

Reserve Bank of India cuts reverse repo rate by 25 bps to 5.75%
Aug 02, 2017
14:46 (IST)

Since June 2017 meet, growth impulses spread across global economy, US expanded at faster pace in Q2 after a weak Q1, says Reserve Bank of India 
Aug 02, 2017
14:44 (IST)
Decision in line with objective of medium-term consumer inflation (CPI) target of 4% within a band of +/- 2%, while supporting growth, says RBI 
Aug 02, 2017
14:43 (IST)
Decision of Monetary Policy Committee consistent with neutral stance of monetary policy, says RBI policy statement
Aug 02, 2017
14:41 (IST)
RBI cuts repo rate by 0.25% to 6%, a seven-year low 

Aug 02, 2017
14:26 (IST)
Rupee rose to a fresh two-year high of 63.76 against the dollar ahead of the RBI rate decision.
Aug 02, 2017
14:19 (IST)
Investors will be watching for the split between RBI Governor Urjit Patel and his five voting colleagues on the monetary policy committee, after one member dissented for the first time at the last meeting, calling for a steep reduction. (Read more)

Aug 02, 2017
14:14 (IST)
Interest rate-sensitive stocks ahead of RBI policy: Nifty Bank sub-index up 0.05%, Nifty Auto down 0.20% while Nifty Realty shed 0.07%
Aug 02, 2017
14:01 (IST)
Market update: At 1:51 pm, the BSE Sensex traded 20 points lower at 32,554.84 while the broader Nifty index was down 19 points, or 0.18 per cent. IT, metal and FMCG stocks weighed on the broader markets - down between 0.5 and 1 per cent. However, some buying was witnessed in energy, banking and power shares. 
Aug 02, 2017
13:41 (IST)
Aug 02, 2017
13:41 (IST)
The rupee has been one of the best performing currencies in the world, surging nearly 6% year-to-date against the US dollar. (Read more)
"The structural story for India remains pretty strong," said David Cornell, chief investment officer of London-based Ocean Dial Asset Management, which argues India and other emerging markets will outperform over the next 12 months. 
Aug 02, 2017
13:38 (IST)

The rupee surged to a two-year high of 63.82 against the dollar.  It had closed at 64.07 per dollar on Tuesday. 
Aug 02, 2017
13:32 (IST)
Investors booked profits in stocks such as Hindalco Industries Ltd amid caution ahead of the Reserve Bank of India's policy statement expected at 2:30 pm. 
Aug 02, 2017
13:29 (IST)
Domestic shares were trading lower after hitting fresh highs earlier in Wednesday's session. (Read more)
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