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Financial News: Reserve Bank Of India Set To Keep Interest

Reserve Bank Of India Set To Keep Interest Rates Unchanged

04/05/2017 - 08:27:00 (RTTNews)

(RTTNews) - India's central bank is likely to keep its interest rate unchanged as a reduction could fan inflation amid rising food and fuel prices.

At the bi-monthly policy meeting, the six-member monetary policy committee, headed by Reserve Bank of India Governor Urjit Patel, is expected to hold the key repo rate at 6.25 percent and the reverse repo rate at 5.75 percent.

The bank is set to announce the outcome of its meeting at 5.00 am ET, on April 6.

The bank will also publish its projections for both inflation and growth after the two-day meeting, which is the first policy session in the financial year 2017-18.

At the February meeting, the RBI maintained its interest rates amid expectations for a rate cut as it forecast a pick-up in inflation. The bank also shifted its policy stance to neutral from accommodative.

The repo rate was last reduced by a quarter-point in October at the first meeting chaired by Governor Patel, before the announcement of demonetization on November 8 last year.

Although the cash withdrawal limits imposed since demonetization have been lifted, the banking system still hold surplus liquidity. Markets await the central bank to take steps to address excess liquidity and bad assets in the banking sector.

Consumer price inflation rose to 3.65 percent in February. The RBI had projected inflation to remain within a range of 4.0 to 4.5 percent in the first half of the 2017-18 financial year.

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