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Financial News: India Central Bank Cuts Rate By 25 Bps

India Central Bank Cuts Rate By 25 Bps

08/02/2017 - 05:37:00 (RTTNews)

(RTTNews) - India's central bank decided to cut its key interest rates by 25 basis points, as widely expected, on Wednesday.

At the third bi-monthly monetary policy meeting, policymakers voted to lower the repo rate to 6.00 percent from 6.25 percent. The bank had last reduced the rate by 25 basis points in October 2016.

Governor Urjit Patel and three others voted in favor of the decision, while one member sought 50-basis point reduction and another voted for status quo.

The reverse repo rate was adjusted to 5.75 percent from 6.00 percent.

Policymakers viewed that given the dynamics of the output gap, some space has opened up for monetary policy accommodation.

As the trajectory of inflation in the baseline projection is expected to rise from current lows, the MPC decided to keep the policy stance neutral and to watch incoming data.

"The MPC remains focused on its commitment to keeping headline inflation close to 4 percent on a durable basis," the bank said.

The MPC noted that some of the upside risks to inflation have either reduced or not materialized. The roll-out of the Goods and Services Tax has been smooth and the monsoon normal.

The projection of real GVA growth for 2017-18 has been retained at 7.3 percent, with risks evenly balanced, RBI said.

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