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Bank Rates slashed, 0.25 percent cut in repo rate

By HindusthanSamachar | Publish Date: Apr 4 2019 5:53PM
Bank Rates slashed, 0.25 percent cut in repo rate
Mumbai, Apr. 04 (HS): At the bi-monthly monetary policy review meeting of Reserve Bank of India, Thursday, the policy rate has been cut by 25 basic points. It was stated that the minimum cut would be 0.25 percent. Meeting of the Reserve Bank of India''s monetary policy committee from April 2 to April 4 ended in Mumbai. Just after the meeting, it was said that the goal of the committee is to keep the Inflation related to the retail price index under control in the medium term. The Reserve Bank''s repo rate will be 6.00 percent previous-6.25 percent) and the reverse repo rate will be 5.75 percent (previous-6.00 percent). RBI has told that the levy of Liquidity Standing Facility has been reduced by 0.25 percent to 6 percent and the rate on the Marginal Standing Facility and the bank rate have been fixed at 6.25 percent. The Inflation related to Consumer Price Index is targeted to be maintained under 4 percent. Five members of the committee Chetan Ghete, Dr. Pamy Dua, Dr. M Devvrat Patra, Dr. Viral Acharya and Governor Shankhikanta Das made changes in rates and took stand regarding the monetary policy with a neutral approach, whereas Dr. Dholakiya was in favor of accommodative approach for changes in monetary policy. The committee, headed by RBI governor Shankhikanta Das, said that inflation would be controlled by the government due to reduction in diesel and petrol prices. RBI had earlier cut the repo rate by 0.25 percent in bi-monthly monetary policy in February. This cut was recommended after one and a half years'' period. According to experts, the reduction in repo rate will provide relief to the borrowers in the electoral environment and it will make loans cheaper. Hindustan Samachar/Bharati/Pramod\ \
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