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Reserve Bank of India keeps repo rate unchanged at 6 percent

Xinhua,December 07, 2017 Adjust font size:

NEW DELHI, Dec. 6 (Xinhua) -- India's central banking institution, Reserve Bank of India (RBI), kept its key lending rate unchanged after its monetary policy review Wednesday, officials said.

The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India Governor Urjit Patel kept the repo rate unchanged at 6 percent.

The reverse repo rate was kept steady at 5.75 percent.

Meanwhile, Indian Finance Ministry said the MPC released its fifth bimonthly policy statement on Wednesday.

"The MPC recognized that inflation remains firmly under control, retaining its inflation projection for the second half of FY 2018 and assessing that the risks to this projection are evenly balanced. For that reason, it has maintained a neutral policy stance," a statement issued by the ministry said.

The MPC has also retained its annual Gross value added (GVA) forecast for FY 2018 of 6.7 percent recognizing several significant developments and emphasizing the government's reform efforts such as GST (Good & Services Tax), bank recapitalization package and improving ease of doing business ranking, according to the ministry. Enditem

 

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