NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / RBI looks to tackle growth over inflation
    Business

    RBI looks to tackle growth over inflation

    RBI looks to tackle growth over inflation
    Written by Sneha Johny
    Oct 19, 2016, 02:53 pm 2 min read
    RBI looks to tackle growth over inflation

    In its first monetary policy meeting, the RBI said that all of the monetary policy committee's members had voted in favour of the repo rate cut that was announced earlier this month. The main target for the action was to help boost India's growth. RBI's Governor Urjit Patel also stated that India's inflation target of 5% for Q4 can be achieved, despite other risks.

    Reserve Bank of India

    The Reserve Bank of India forms as the apex and central institution that governs the country's money supply and monetary policies. Established nearly 81 years ago, the central bank is currently headquartered in Mumbai. Urjit Patel presently serves as the Governor, after taking over the reins from Raghuram Rajan, who stepped down last month. The RBI has massive reserves, amounting to nearly $363 billion.

    RBI cuts repo rate to 6.25%

    Earlier this month, the new Governor and his monetary policy committee announced a cut in interest rates by 25 basis points. The repo rate, or the rate at which the central bank lends to other commercial banks, was lowered to 6.25% The policy committee, consisting of 6 members, said the move was taken to to help revive credit to some of the productive sectors.

    RBI's outlook for India

    "The momentum of growth is expected to quicken with a normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to the urban consumption spending from the pay commission's award," the RBI said.

    RBI's stance on global growth

    "Global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand. Meanwhile, risks in the form of Brexit, banking stress in Europe, rebalancing of debt-fuelled growth in China have slanted the outlook to the downside."- RBI

    RBI's meeting sees fall in retail inflation

    Statistics showed that India's retail inflation dipped to 5.05% before decreasing further to touch 4.3% in September. While the committee members felt that there were risks to the 5% inflation target, it was also reported that they could be acceptable. The committee felt that some of the economic activities were showing signs of revival, and would require growth, thus creating room for cutting rates.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Mumbai
    Reserve Bank Of India (RBI)
    Urjit Patel

    Mumbai

    Dhanush spotted in 'Captain Miller' avatar at the Mumbai airport Tamil Cinema
    Ex-Maharashtra CM Manohar Joshi critically ill, in partial coma Shiv Sena
    'Sarabhai vs Sarabhai' actor Vaibhavi Upadhyaya dies in car accident TV News
    Ex-Maharashtra CM Manohar Joshi hospitalized due to brain tumor complications Maharashtra

    Reserve Bank Of India (RBI)

    You can start exchanging your Rs. 2,000 notes from today Shaktikanta Das
    Rs. 2,000 note withdrawal: Debunking all myths, revealing facts Indian Government
    Don't rush to exchange Rs. 2,000 notes: RBI governor Shaktikanta Das
    No forms, documents needed to exchange Rs. 2,000 notes: SBI State Bank of India (SBI)

    Urjit Patel

    RBI's Deputy Governor Viral Acharya quits before term ends: Report Reserve Bank Of India (RBI)
    Ram Mandir to Urjit Patel: Highlights from PM Modi's interview Narendra Modi
    Operational independence of central banks important: IMF director Reserve Bank Of India (RBI)
    SC dismisses PIL against Finance Minister Arun Jaitley Supreme Court Of India

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023