RBI communiqué on RATE CUT
RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect
Reverse Repo @6.75% No change in CRR or SLR
Key Rates (effective from 15/1/2015)
CRR……………………………4%
SLR…………………………….22%
Repo Rate…………………7.75%
Reverse Repo Rate……6.75%
Marginal Standing Facility Rate….8.75%
Bank Rate…………………………………..8.75%
Call Rates……………………………………6.40 to8.40%
Reasons quoted by RBI for rate cut
The above factors have significantly reduced the momentum of inflation, compensating for the widely anticipated ending of favourable base effects. Households’ inflation expectations have adapted, and both near-term and longer-term inflation expectations have eased to single digits for the first time since September 2009. Inflation outcomes have fallen significantly below the 8 per cent targeted by January 2015. On current policy settings, inflation is likely to be below 6 per cent by January 2016.
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