 "RBI Monetary Policy Review: Here are the key highlights")
Mumbai: Following are the key highlights of the Third Bi-monthly Monetary Policy Statement issued by RBI:
* Key policy rate reduced by 0.25 percent to 6 percent.
* Reverse repo rate cut by 0.25 percent to 5.75 percent.
* Focus on keeping headline inflation close to 4 percent on Durable basis
* Some risks to inflation have reduced or not materialised.
* Growth forecast unchanged at 7.3 percent for the current fiscal.
* Pushes for reinvigorating private investments, clearing Infra bottlenecks and providing big thrust to PMAY.
* Forex reserves at USD 392.9 billion as on July 28.
* Four members of Monetary Policy Committee voted in favour of 0.25 percent rate cut.
* Farm loan waivers by states may result in fiscal slippages, Undermine public spending quality.
* Government, RBI working to resolve large NPAs and Recapitalise public sector banks.
* High levels of stress in twin balance sheets banks and Corporations are likely to deter new investment.
* Next MPC meeting on October 3 and 4, 2017.
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