The Reserve Bank of India today left its key policy rates unchanged, in it monetary policy review. Headed by Reserve Bank governor, Urjit Patel, the Monetary Policy Committee for the fourth straight time kept the repo rate, the rate at which the RBI lends to banks, unchanged at 6.25 per cent.
The switch repo, the rate at which the RBI acquires, was additionally kept relentless, at 6 percent . The Reserve Bank cut the Statutory Liquidity Ratio, SLR, or the rate of stores that banks need to stop in government securities, by 0.5 percent , to 20 percent.
The apex bank brought down its GDP development figure to 7.3 percent for the current monetary, from 7.4 for each penny prior. The RBI said usage of the Goods and Services Tax is not anticipated that would materially affect general expansion.
Later addressing a press conference in Mumbai, Mr Patel referred to demonetisation and said that new figures released by Central Statistics Office present a better picture of the economy as a whole.