RBI says that rates hiked due to crude oil prices increasing, domestic inflation, and international interest rates.
RBI 7th Monetary Policy Committee Highlights:
- This time RBI MPC held for 3 days from 4th June 2018 to 6th June 2018.
- RBI hikes 0.25% Bps, New REPO Rate is 6.25%, and Reverse REPO Rate is 6%
- This is the first time RBI hikes since 28th January 2014
- In the financial year (2017-18) GDP increases to 7.7% in the last quarter (January-March)
- During this financial year (2018-19) GDP growth rate expectation is 7.4%
- In this financial year (2018-19) Retail Inflation expectation is 4.8%-4.9%, FY 2018-19 first half inflation 4.7% is expecting.
- The next MPC meeting will be held on 31st July 2018 and 1st August 2018 and previously held on 04th and 5th April 2018.
Key Points:
- Because of rate hikes in RBI’s MPC stock markets closed in profits on Wednesday
- RBI hired Mahesh Kumar Jain as a Deputy Governor, he’ll be in this position for next 3 years. MK Jain currently in IDBI Bank, as a MD&CEO since March 2017 and he’ll will be appointed in the place of S.S.Mundra who is completing his duration in the month of July 2018.
- Present Deputy Governors in the RBI 1. Viral V Acharya, 2. N.S.Vishwanathan, 3. B.P. Kanungo, and 4. S.S. Mundra
