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First RBI monetary policy review: Gov keeps interest rates unchanged

First RBI monetary policy review: Gov keeps interest rates unchanged

Reserve Bank of India (RBI) on Wednesday kept the interest rates stable which will bring no respite to home, auto and corporate borrowers. The 6-member Monetary Policy Committee, leaded by RBI Governor Urjit Patel, kept the repo rate either the short term rate at which central bank lends to banks unchanged at 6.25 % and reverse repo rate at 5.75 %. This is RBI’s first monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes.

Key Highlights

No fundamental trust loss, most people think its good decision as it fights fake currency, black money and terrorism.

Impact  of demonetisation were taken on board; all efforts were made to reduce problems.

When the situation normalises, limits on withdrawals will be removed.

No decision taken so far to reintroduce Rs 1000 notes: R Gandhi.

Between November 10 & December 5, RBI supplied 19.1 billion pieces of denominations to public, which is more than total of last 3 years: Deputy Guv Gandhi.

Recalibrated presses in past two weeks to print more Rs 500 and Rs 100 notes.

RBI and Central Govt’s note printing presses are working at full capacity, says Deputy Gov R Gandhi.

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