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The Reserve Bank of India (RBI), at the first bi-monthly monetary policy meeting of the fiscal year, cuts its policy repo rate by 25 basis points and bring it down to 6.50 percent.
Whereas the Cash Reserve Ratio has been kept unchanged, Statutory Liquidity Ratio (SLR) of scheduled banks has been lowered by 25 basis points from 21.5 percent to 21.25 percent of NDTL.
The daily maintenance of cash reserve ratio (CRR) has also been reduced from 95 percent of the requirement to 90 percent by the RBI with effect from the fortnight beginning April 16, 2016.
RBI chief Raghuram Rajan has said that “Further monetary policy decisions will be driven by outcome of the monsoon, monetary policy transmission, trajectory of core inflation.”
