Policy Rate
|
Old Rate
|
New Rate
|
||
Bank Rate
|
7%
|
6.75%
|
||
Repo Rate
|
6.5%
|
6.25%
|
||
Reverse Repo Rate
|
6%
|
5.75%
|
||
CRR
|
4.00%
|
4.00%
|
||
SLR
|
20.75%
|
20.75%
|
The latest monetary
policy meeting was the first meet where the interest rate decision is taken by
a panel. Urjit Patel, the RBI governor, was one among the six-member Monetary
Policy Committee (MPC) recently notified by the government. Indian stocks rallied for the third consecutive day today after
the
Reserve Bank
of India (RBI) cut its key lending rate or the repo rate by 25 basis points to
a six-year low of 6.25%, from 6.5% earlier. Today Sensex ended with a
gain of 91 points at 28,335. It opened at 28,378, touched an intra-day high of
28,405 and low of 28,242.The Nifty
closed with a gain of 31 points at 8,769. It opened at 8,770, hit an intra-day
high of 8,784 and low of 8,736.Sentiments were on optimistic note after
World Bank stated that India’s GDP growth will remain strong at 7.6% in 2016
and 7.7% in 2017.