The Reserve Bank of India (RBI) kept its policy interest rate unchanged at a five-year low of 6.50 percent on Tuesday, while signalling the prospect of another cut later this year if monsoon rains dampen upward pressure on food prices. Raghuram Rajan keeps repo rate unchanged at 6.5%, CRR remains at 4%. The RBI said April inflation reading makes its future trajectory somewhat more uncertain. The central bank has also retained growth projection at 7.6 per cent for 2016-17 citing corporate profits and surge in consumption.
Raghuram Rajan cited higher upside risks to’inflation trajectory’ for keeping the rates unchanged, but said the central bank will remain accommodative provided data are supportive.
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Current Policy Rates
CRR : 4%
SLR : 21.25%
Policy Repo Rate : 6.50%
Reverse Repo Rate : 6.00%
Marginal Standing Facility Rate : 7.00%
Bank Rate : 7.00%