Highlights of RBI's sixth bi-monthly monetary policy statement for 2019-20


Business, Economy

Next meeting of the MPC scheduled during March 31, April 1 and 3, 2020.

Reserve Bank of India.

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.