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RBI Policy: MPC keeps repo rate unchanged at 6.50%; cuts SLR by 25 bps

RBI Governor Urjit Patel-led monetary policy committee (MPC) on Wednesday maintained status quo on the short-term lending rate -- repo rate -- at 6.50 per cent in its fifth bi-monthly policy review of 2018-19. Reverse repo -- the rate at which the central bank borrows from banks -- was kept unchanged at 6.25 per cent. However, the central bank cut the SLR by 25 basis points. RBI maintained caliberated tightening stance and projected HIFY20 GDP growth at 7.5 per cent. As expected, no changes were made to the cash reserve ratio (CRR).
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