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highlights
Debit card transactions will get a boost as the Reserve Bank of India will put a limit on merchant discount rate (MDR) and create a framework for asset-light acceptance infrastructure.
A differentiated MDR for asset-light acceptance infrastructure and a cap on absolute amount of MDR per transaction will be prescribed, RBI said after its monetary policy announcement on Wednesday.
The revised MDR aims at achieving the twin objectives of increased usage of debit cards and ensuring sustainability of the business for the entities involved. The revised instructions for MDR on debit card transactions will be issued later on Wednesday.
Click here for full story.
The Monetary Policy committee has left the key policy repo rate unchanged at 6 percent. Likewise, it has left the reverse repo rate at 5.75%. The cash reserve ratio too has been left unchanged at 4%.
Click here for more.
The projection of real GVA (gross value added) growth for 2017-18 of the October resolution at 6.7 percent has been retained.
“On the whole, inflation is estimated in the range 4.3-4.7 per cent in Q3 and Q4 of this year, including the HRA effect of up to 35 basis points, with risks evenly balanced,” RBI said in its policy statement.
Debit card transactions will get a boost as the Reserve Bank of India will put a limit on merchant discount rate (MDR) and create a framework for asset-light acceptance infrastructure.
A differentiated MDR for asset-light acceptance infrastructure and a cap on absolute amount of MDR per transaction will be prescribed, RBI said after its monetary policy announcement on Wednesday.
The revised MDR aims at achieving the twin objectives of increased usage of debit cards and ensuring sustainability of the business for the entities involved. The revised instructions for MDR on debit card transactions will be issued later on Wednesday.
Click here for full story.
The Monetary Policy committee has left the key policy repo rate unchanged at 6 percent. Likewise, it has left the reverse repo rate at 5.75%. The cash reserve ratio too has been left unchanged at 4%.
Click here for more.
Going forward, inflation will be influenced by several factors including reversal of moderation in inflation, HRA or house rent allowances (from the 6th Pay Commission) and rise in international crude oil prices. Also the risk of upward trajectory of inflation may continue in the near term, the central bank said.
Use of POS (point of sale) has increased significantly. It's time that we give a further push the use Of POS machines, said RBI deputy governor.
Credit flow is already better than last October, said RBI governor Urjit Patel said while addressing press after the policy announcement. He added that as the economy picks up, demand for credit will go up.
Click here for full story.
After the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep key interest rates unchanged, rate-sensitive stocks continued to trade lower.
Rate sensitives are usually the ones who are directly impacted by the central bank’s decision on key interest rates. Hence, automobiles, banks, and real estate are the major ones to be kept an eye on.
Read full story here.
RBI says Q2 growth was lower than that projected in the October policy. Talking about recapitalisation of PSU banks, the central bank said the move may help improve credit flows further.
MPC has kept policy stance neutral because nothing has happened between October and now on macro economic front to warrant that, says governor.
Read full policy statement here.
Liquidity conditions continue to normalise. We will consider open market operations if liquidity needs to be injected, says RBI deputy governor Viral Acharya
MPC took note of pressures from food and fuel prices; said committed to keeping headline inflation at 4 percent, says RBI governor. Farm loan waiver, partial roll back of duty on fuel, cut in GST rates on several items may result in fiscal slippage, RBI Governor Urjit Patel has warned.
RBI governor to address the press shortly
The MPC remains committed to keeping headline inflation close to 4 percent on a durable basis, the RBI statement said.
RBI says 5 out of 6 Monetary Policy Committee members favour no change in rates. RBI says MPC member Ravindra Dholakia voted for a 25 bps rate cut.
Find out the key takeaways from the policy.
The projection of real GVA (gross value added) growth for 2017-18 of the October resolution at 6.7 percent has been retained.
“On the whole, inflation is estimated in the range 4.3-4.7 per cent in Q3 and Q4 of this year, including the HRA effect of up to 35 basis points, with risks evenly balanced,” RBI said in its policy statement.
CNBC-TV18 poll shows bankers do not expect any change in RBI's neutral policy stance. While 90% bankers do not expect action on repor rate,
10% expect a 25 bps repo rate cut in FY18.
In terms of growth expectations, 50% bankers see FY18 GVA unchaged at 6.7%, while 20% bankers expect it to be revised below 6.7%.
The monetary policy due on Wednesday will in all probability be a no-action policy. The reasons are not far to seek: On October 7 when the monetary policy committee (MPC) met for its previous policy, the last Gross Domestic Product (GDP) number, that is for the first quarter of FY18, was 5.7 percent, the last CPI number, (for August) was 3.28 percent and crude prices were at USD 57.
Now, as the MPC meets again, GDP growth has inched higher to 6.3 percent for the second quarter, CPI has risen to 3.58 percent in October and crude prices have averaged USD 63 for the past month. Also in October, there appeared less chance of the government reneging on fiscal deficit than it does today. If the MPC didn’t find space to cut rates on October 7, it is unlikely to find reasons to slash rates on December 6.
Click here for full comment from CNBC-TV18's Latha Venkatesh
Since RBI’s last credit policy on October 4, the yield on the 10-year benchmark has moved in only one direction – up. It is widely expected that a combination of rising prices and slightly better growth will hold the RBI back from cutting rates.
But has growth made a decisive comeback? Is the RBI comfortable with the tight liquidity? Will it sound hawkish or dovish? These are the questions that that the market is seeking answers for in today's policy.
RBI may pause on rates, but can it overlook quality of growth?
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