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Home > Key Highlights - First Quarter Review of RBI Monetary Policy 2010-11
Key Highlights - First Quarter Review of RBI Monetary Policy 2010-11
Key Highlights - First Quarter Review of RBI Monetary Policy 2010-11
  • Reserve Bank of India has been decided to increase the Repo Rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.5 per cent to 5.75 per cent with immediate effect.
  • The Reverse Repo Rate has also been hiked to 50 bps to 4.5% from the present 4%.
  • The Bank Rate has been retained at 6.0 per cent.
  • The cash reserve ratio (CRR) of scheduled banks has been retained at 6.0 per cent of their net demand and time liabilities (NDTL).
  • Inflation pegged at 6 per cent by FY'2010 -11 ends, up from 5.5 per cent earlier.
  • The baseline projection of real GDP growth for 2010-11 is revised to 8.5 per cent, up from 8.0 per cent with an upside bias as indicated in April 2010.
  • Statutory Liquid ratio unchanged at 25 percent.
  • Growth in the gross domestic product for this fiscal is projected at 8.5 percent against 8 percent earlier.
  • Monetary policy intended to inflation and anchor inflationary expectations and responds to any further build-up of inflationary pressures.
  • Rate hike will help maintain financial conditions conducive to sustaining growth.
  • While the current year-on-year money supply (M3) growth at 15.3 per cent is below the indicative projection of 17.0 per cent, non-food credit growth at 22.3 per cent was marginally higher than the indicative projection of 20.0 per cent
  • Monetary policy actions are expected to:
    • Moderate inflation by reining in demand pressures and inflationary expectations.
    • Maintain financial conditions conducive to sustaining growth.
    • Generate liquidity conditions consistent with more effective transmission of policy actions.
    • Reduce the volatility of short-term rates in a narrower corridor.
  • Second quarter review of monetary policy on November 2, 2010.
 
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