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RBI Under Pressure to  Cut Rates
RBI Under Pressure to  Cut Rates

RBI Under Pressure to Cut Rates

RBI Under Pressure to Cut Rates

With inflation falling to record low levels and industrial growth slipping to below 2%, bankers and economists in India feel the pressure has increased on the Reserve Bank of India to cut benchmark interest rate next month, PTI reported.  The six-member Monetary Policy Committee headed by RBI Governor Urjit Patel will meet on August 1-2 for the third bi-monthly monetary policy review of 2017-18. The MPC in its previous review in June had retained the repo rate at 6.25% for the fourth straight time citing risk to inflation. Private sector Kotak Bank is of the opinion that since the RBI has revised down its inflation trajectory sharply in the June policy, and given the inflation reading, the central bank has some room to be accommodative. “We expect the MPC to cut repo rate by 25 bps in the August meeting,” the bank said in report. Bank of America Merrill Lynch Global Research too expects the MPC to cut rates by 25 basis points (0.25 percentage point).

 

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