The Reserve Bank of India announced its first bi-monthly monetary policy statement for 2017-18 today. The apex bank in the past three policy meets has surprised all with its decisions. Here are the live updates.
3:24 pm: Banks allowed to invest in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs).
3:22 pm: India is prepared for Federal Reserve rate hike, says RBI governor Urjit Patel.
3: 12 pm : Bank Nifty trading flat, down 14 points at 21638 level.
3:11 pm: Inflation elevated versus where we want to be, says RBI.
3:09 pm: Farm loan waiver undermines honest credit culture, impacts credit discipline.
3:07 pm: We need to create a consensus that loan waiver promises are eschewed.
3:03 pm: Cost of Credit in Q3 has come down.
2:58 pm: Project for nationwide financial literacy will be launched soon.
2:57 pm: By the end of March, liquidity absorption was Rs 3.1 lakh crore.
2:56 pm: Inflation expected to average at 4.5 percent in H1 and 5 percent in H2.
2:55 pm: Developments with respect to inflation will be closely monitored.
2:55 pm: Endeavour will be to drain out liquidy overhang.
2:54 pm: Objective is to align money market with stance of the Monetary Policy.
2:53 pm: Liquidity rose in the system post cash ban, says RBI governor Urjit Patel.
2:45 pm: Cash reserve ratio has been kept unchanged at 4 percent.
2:41 pm: MPC goes with neutral stance on the policy.
2:36 pm: All six monetary policy committee (MPC) members voted in favour of a status quo.
2:32 pm: RBI keeps repo rate unchanged, reverse repo hiked by 25 basis points to 6%.
2:28 pm: Bank Nifty trading more than 100 points lower ahead of the key policy announcement.
2:13 pm: The RBI also needs to reduce the around Rs 4 trillion ($61.59 billion) accumulated in the banking system in March, doubling from the January. Hence, some liquidity reducing measures are also likely to be announced today.
2:12 pm: All 60 economists polled by Reuters predict the RBI's six-member monetary policy committee (MPC) will leave the repo rate at 6.25 percent, where it has been since October.
02:12 pm: The bank is likely to talk about the mechanism to resolve the issue of non-performing assets (NPAs).
2:11 pm: Cash reserve ratio currently stands at 4 percent.
2:10 pm:Repo rate is at 6.25 percent
2:09 pm: Reverse repo rate is fixed at 5.75 percent.