Interest rate unchanged at 6.5% |
Reserve Bank of India (RBI) Governor Raghuram Rajan on Aug 9 kept the policy rate unchanged at 6.50 per cent, even as inflation has hit a near two-year high and continues to be above the comfort zone. In fact, Rajan also said there is upside risk to the March 2017 inflation target of 5 per cent, but added that it has retained its GDP growth projection at 7.6 per cent for 2016-17.The RBI kept the cash reserve ratio of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities Rajan is set to retire on September 4 after a three-year term. He`s said he plans to return to academia in the US.
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