Highlights of RBI's sixth bi-monthly monetary policy statement for 2019-20
Mumbai: Following are the highlights of RBI's sixth bi-monthly monetary policy statement, 2019-20:
Policy rate kept unchanged at 5.15 per cent
GDP growth for 2020-21 fiscal pegged at 6 per cent
Upward bias expected in overall food prices on account of vegetables, pulses
Accommodative stance to revive growth maintained; inflation to remain elevated in short-run
Retail inflation projection revised upwards to 6.5 pc for January-March quarter
Breakout of Coronavirus may impact tourist arrivals, global trade
Rationalisation of personal income tax rates in the 2020-21 Budget to support domestic demand
Need for adjustment in interest rates on small saving schemes outlined
Pricing of loans by banks for the medium enterprises to be linked to an external benchmark effective April 1
Time for restructuring of GST-registered MSME loans extended till December 2020, from March 2020 at present
Revised regulations for housing finance companies to be issued
RBI to periodically publish a composite 'Digital Payments Index' (DPI) from July 2020 to capture the extent of digitisation of payments Framework for a Self-Regulatory Organisation (SRO) for digital payments to be issued
Pan India Cheque Truncation System (CTS) to be made operational by September
Extension of date of commencement of commercial operations of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by one year, allowed
Crude prices likely to remain volatile
Foreign exchange reserves stood at USD 471.4 billion on February 4, 2020
Net FDI rose to USD 24.4 billion in April-November 2019, against USD 21.2 billion a year ago
Net foreign portfolio investment (FPI) stood at USD 8.6 billion in 2010-20 (till February 4) as against net outflows of USD 14.2 billion in the year ago period
All six members of Monetary Policy Committee vote in favour of maintaining status quo on interest rate
Next meeting of the MPC scheduled during March 31, April 1 and 3, 2020.
