The Reserve Bank of India (RBI) will announce its monetary policy review today. It will be announced in the afternoon at 2.30 p.m. against the existing practice of 11 a.m. This will be Urjit Patel's maiden policy announcement as RBI Governor.
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Unlike his predecessor Raghuram Rajan who had the final say on interest rate cut decisions, Patel will have to go by the advice of a newly set up six-member monetary policy committee (MPC). This is for the first time that decision-making on interest rates will shift to the six-member panel which has equal representation from RBI and the government.
Since January last year, the RBI has cut the repo rate - the rate at which RBI lends to banks - five times. India's retail inflation has touched a five-month low of 5.05 percent in August, triggering hopes of a rate cut. The RBI and the government have set a retail inflation target of four percent for the next five years with an upper tolerance level of six percent and lower limit of two percent.
Most analysts expect a status quo on rates. Mounting bad loans will remain another focus area of Patel's debut policy review.
Rajan has set a deadline of March 2017 for banks to clean up their balance sheets.
The Nifty reacted optimistic to Reserve Bank of India's rate reduce by 25 basis points today, but it didn't welcome it with a lot of excitement say Share Brokers.He anticipated Nifty to growth by at least 100 points. The outcome will have been better if there was any bad news from the policy meet, he adds. The Nifty and Sensex both closed upper than yesterday's end at 8,769 and 28,334 respectively. Market Expert doesn't feel the market would cross the 9,000 mark any time shortly. ranges near 8,850 points look challenging and may witness selling.Lowest Brokerage Trading Firm Share Shoppe Recommended Buy Pidilite Industries with a SL at Rs 730 for target of Rs 760." "One can also purchase Amara Raja Batteries with a goal of Rs 1090 keeping a stoploss at Rs 1054,.
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