Highlights of RBI monetary policy
Following are the highlights of the first bi-monthly monetary policy announced by the RBI on Thursday:
* Short-term lending rate (repo) reduced by 25 bps to 6 pc;
* This is second back-to-back rate cut;
* RBI maintains Neutral stance on the monetary policy;
* Four out of six MPC members voted in favour of rate cut;
* GDP growth projection lowered to 7.2 pc for 2019-20;
* RBI revises downward retail inflation estimate to 2.4 pc in Q4 FY19.
* MPC notes output gap remains negative and domestic economy facing headwinds;
* Next monetary policy statement on June 6.
