RBI maintains status quo, keeps repo rate unchanged at 6.5%

A worker cleans the exterior of an office building in Mumbai's central financial district

Ravindra Dholakia, however, had voted to change the stance to neutral. With the market expecting RBI to hold the repo rate at 6.5%, Mint takes a look at the five things that could be on the MPC's radar. Moreover, the central bank had said in its October policy that a rate cut was off the table.

SLR lowered to align with Liquidity Coverage Ratio: In order to align the SLR with the LCR requirement, the MPC chose to reduce the SLR by 25 basis points every calendar quarter until the SLR reaches 18 per cent of Net Demand and Time Liabilities (NDTL). Currently, SLR stands at 19.5 per cent. SLR refers to the share of bank's total deposit that it needs to maintain itself as liquid assets.

The RBI also announced an auction of a 12-day Government of India Cash Management Bill.

The central bank has retained the GDP growth projection for 2018-19 at 7.4 per cent.

Under the country's new economic program announced on September 20, the inflation target for this year is 20.8 percent, 15.9 percent for 2019, 9.8 percent for 2020, and 6 percent for 2021.

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The six-member MPC, headed by RBI governor Urjit Patel had started its three-day meet on December 3 for the fifth bi-monthly monetary policy review of the current financial year.

In its October policy, the monetary policy committee had pegged inflation at 4% for the second quarter of FY19, 3.9-4.5% for the second half of the fiscal and 4.8% for the first quarter of the next fiscal, with risks to the upside.

The CPI inflation has been projected at 2.7-3.2 percent for the October-March period, the statement said.

The board members include RBI governor Urjit Patel, RBI deputy governor Viral Acharya, executive director Michael Debabrata Patra, IIM Ahmedabad professor Ravindra H Dholakia, Delhi School of Economics director Pami Dua and Indian Statistical Institute Professor Chetan Ghate.

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