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In its first Bi-monthly Policy Review for FY17, RBI reduced policy Repo Rate by 25 bps to 6.50%. Overhauling the liquidity framework, the LAF corridor has been narrowed to +/- 50 bps from +/- 100 bps. Accordingly, the Reverse Repo and Marginal Standing Facility rates stand revised at 6% and 7% respectively. CRR was unchanged at 4% of NDTL, though the minimum daily maintenance of CRR has been reduced to 90% of the requirement from 95%. Moreover, the Policy expressed intent to progressively move the system from liquidity deficit of 1% of NDTL to a position closer to neutrality. Going forward, with expectations of modest deceleration in inflation, RBI projects CPI inflation for Mar-17 at 5%, while growth forecasts have been retained at 7.6% for FY17. On the forward guidance front, RBI reiterated its ‘accommodative’ stance with incoming developments on monsoons, inflation and transmission of policy action serving as pre-requisites for further monetary easing.
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