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RBI keeps key rates unchanged
Posted on: 01-12-2015 , 01:02:PM | DY365 Bureau

Dec 1, 2015- Home and other loan EMIs are not likely to come down as RBI governor Raghuram Rajan on Tuesday kept the key policy rate unchanged. However, he affirmed that the central bank is committed to ease it.
Accordingly, the repo rate at which the Reserve Bank lends to the system will continue at 6.75 per cent. The cash reserve ratio (CRR) or the amount of deposits banks park with RBI has also been unchanged at 4 per cent. The status quo was widely expected.
RBI, which is set to achieve its target of getting inflation down at 6 per cent by January and is aiming to reduce the number further to 5 per cent by March 2017, will monitor developments on the commodity prices, including food and oil and external developments in its future policy formulations, Rajan said.
Rajan also expressed anguish at the banks' reluctance to pass on the benefits of the earlier rate cut actions to the borrowers, saying the median decrease in the base rates over the course of the year has only been 0.60 per cent as against the RBI's 1.25 per cent cut in the repo rate since January.
With the seventh pay panel's recommendations of a 23.55 per cent hike in salaries leading to concerns on the impact on inflation in future, RBI said the government will have to do "appropriate budgetary tightening" to reduce the impact and it will be watching the space.
Rajan has cut the key rates four times by a cumulative 1.25 per cent since January, including the surprise 0.50 per cent cut at the last policy review on September 29.
The GDP data released on Monday, pointing to a healthy 7.4 per cent uptick in the second quarter, backed by a strong manufacturing growth of 9.3 per cent only reduced hopes of a rate cut by the central bank.
 
 

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