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Home > Key Highlights - RBI Monetary Policy Statement 2010-2011
Key Highlights - RBI Monetary Policy Statement 2010-2011
Key Highlights - RBI Monetary Policy Statement 2010-2011
  • The Reserve Bank of India has hiked short term lending and borrowing rates and the portion of money banks deposit with it by 25 basis points each.
  • Cash reserve ratio has been raised by 25 basis points to 6%.
  • Repo Rate has been raised by 25 basis points to 5.25 %.
  • Reverse Repo rate has been hiked by 25 basis points to 3.75%.
  • As a result of the increase in the CRR, about Rs. 12,500 crore of excess liquidity will be absorbed from the system.
  • Bank rate has been retained at 6%.
  • Economic growth projection is seen at 8% for 2010-11
  • FY'10 GDP growth is seen at 7.2-7.5%.
  • Inflation is pegged at 5.5% for 2010-11
  • After a continuous decline for eleven months, imports expanded by 2.6 per cent in November 2009, 32.4 per cent in December 2009, 35.5 per cent in January 2010 and 66.4 per cent in February 2010.
  • RBI targets inflation at 3 pc in medium term.
  • Lower policy rates can impair inflationary expectations.
  • RBI to closely monitor price situation.
  • Demand side pressures building up in economy
  • RBI sees baseline whole price index (WPI) at 5.5 pct at end March 2011.
  • Policy to be aligned with evolving state of economy.
  • The Interest Rate Futures contract on 10-year notional coupon bearing Government of India security was introduced on August 31, 2009.
  • It is proposed to undertake a study of the implications of the IFRSs convergence process and also to issue operational guidelines as appropriate.
  • RBI proposes to introduce some Interest Rate futures.
  • To prepare discussion paper on foreign banks by September.
  • It is proposed to permit banks to engage any individual, including those operating Common Service Centres (CSCs), as BC, subject to banks' comfort level and their carrying out suitable due diligence.
  • It is proposed to put in place an appropriate monitoring mechanism of the working of the SLBCs / DCCs.
  • Securitization Companies/Reconstruction Companies set up under the SARFAESI Act: It is proposed to: SCs/RCs can acquire the assets either in their own books or directly in the books of the trusts set up by them.
  • The period for realization of assets acquired by SCs/RCs can be extended from five years to eight years by their Boards of Directors, subject to certain conditions. Asset/Security Receipts (SRs), which remain unresolved/not redeemed as at the end of five years or eight years, as the case may be, will henceforth be treated as loss assets (Securitization Companies/Reconstruction Companies set up under the SARFAESI)
  • It is proposed to issue the final guidelines on Change in or Takeover of the Management of the Business of the Borrower by the SCs/RCs by April 30, 2010.
  • The scope of the 'Vision Document' has been enhanced to ensure that all the payment and settlement systems operating in the country are safe, secure, sound, efficient, accessible and authorized.
  • To act as a deterrent to cheque frauds and to bring about uniformity across cheques issued/used by the banking industry, it was decided to examine the need for standardization of security features on cheque forms.
  • The regulatory guidelines for enabling mobile banking were notified in October 2008. The transaction limits were further relaxed in December 2009. Banks were also permitted to enable small value transactions up to Rs.1,000 without end-to-end encryption.
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