3:13 pm CPI inflation is expected to remain in the range of 4-4.5 percent in first half of FY18 and 4.5-5 percent in second half of FY18.
3:11 pm RBI says it is committed to ensuring efficient and appropriate liquidity management with all the instruments at its command to ensure close alignment of the WACR with the policy rate, improved transmission of policy impulses to lending rates, and adequate flow of credit to productive sectors of the economy. Surplus liquidity should decline with progressive remonetisation. Nonetheless, the currently abundant liquidity with banks is likely to persist into the early months of 2017-18, it adds.
3:09 pm Among major banking & financial stocks, ICICI Bank, Axis Bank, HDFC, HDFC Bank, SBI, Bank of Baroda and Punjab National Bank were down 0.5-1.5 percent.
3:07 pm Next policy meeting: Six members of Monetary Policy Committee voted in favour of the monetary policy decision, the RBI says. MPC's next policy meeting is scheduled on April 5 and 6, 2017.
3:05 pm RBI Governor Urjit Patel says several global developments such as oil prices that could be enhanced by geopolitical tensions. Global Food Index has risen and full rollout of macro policies are still awaited, he says.
3:03 pm RBI says weekly withdrawal limit is set at Rs 50,000 from February 20 to March 13.
2:59 pm Market Update: Benchmark indices remained under pressure, with the Sensex down 104.30 points at 28230.86 and the Nifty down 23.50 points at 8744.80. Nifty Bank index fell nearly a percent on profit booking after RBI kept repo rate unchanged and changed monetary policy stance from accommodative to neutral.
2:56 pm The Monetary Policy Committee believes that the environment for timely transmission of policy rates to banks lending rates will be considerably improved if the banking sector’s non-performing assets (NPAs) are resolved more quickly and efficiently; recapitalisation of the banking sector is hastened; and the formula for adjustments in the interest rates on small savings schemes to changes in yields on government securities of corresponding maturity is fully implemented, the RBI says.
2:50 pm RBI governor Urjit Patel says there will be no limit on cash withdrawal from saving accounts from March 13.
2:47 pm The Monetary Policy Committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out.
2:45 pm CPI inflation: The Monetary Policy Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky, RBI says.
2:39 pm RBI says GVA growth for 2016-17 is projected at 6.9 percent with risks evenly balanced around it. Growth is expected to recover sharply in 2017-18 on account of several factors like bounce back in discretionary consumer demand; recovery in various sectors; and pick-up in both consumption & investment demand on rate transmission. Accordingly, GVA growth for 2017-18 is projected at 7.4 per cent, with risks evenly balanced.
2:36 pm "The decision of the Monetary Policy Committee is consistent with a neutral stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 percent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth," the RBI says.
2:32 pm Market update: Benchmark indices saw profit booking after RBI maintained status quo. The 30-share BSE Sensex was down 114.84 points at 28220.32 and the 50-share NSE Nifty fell 27.90 points to 8740.40. The Indian rupee gained 5 paise at 67.35 against the US dollar.
2:31 pm The Reserve Bank of India has kept its repo rate unchanged at 6.25 percent. The apex bank sees current account deficit below 1 percent of GDP in FY17.
2:29 pm Earnings estimates: Two-wheeler maker Hero Motocorp's quarterly earnings are expected to be weak due to demonetisation. Profit is seen falling 15.8 percent year-on-year to Rs 675.2 crore and revenue may decline 13.2 percent to Rs 6,328 crore in the quarter ended December 2016, impacted by lower sales volumes.
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