Following are the highlights of the third bi-monthly monetary policy statement of 2018-19 issued today by the Reserve Bank of India:
* RBI hikes key interest rate (repo) by 25 bps to 6.5 per cent
* It is 2nd consecutive hike in short-term lending rate
* Consequently, reverse repo rate stands at 6.25 pc
* New marginal standing facility rate is 6.75 pc
* Monetary policy stance to remain neutral
* GDP growth seen at 7.5-7.6 per cent for April-September period;
* GDP growth projection retained at 7.4 pc for 2018-19;
* Retail inflation pegged at 4.8 pc for second half of current fiscal;
* 5 MPC members voted in favour of rate hike, one against
* Next 3-day MPC meeting from Oct 3;
* 4th bi-monthly monetary policy statement on Oct 5;
* RBI to make minutes of today’s meeting public on Aug 16.
