Sensex extends losses as RBI holds policy rate

Sensex extends losses as RBI holds policy rate

Sensex extends losses as RBI holds policy rate

Patel, speaking at a news conference after the RBI kept its policy rate unchanged at a more than seven-year low of 6.00 percent, stressed that the recapitalisation would be accompanied with a reform package to ensure the problems do not recur.

The RBI, in its October statement, had opted for a neutral stance with the repo rate - the rate at which it lends to scheduled commercial banks - at 6 per cent.

The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, in its bi-monthly monetary policy review kept repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.

Those fears, plus the prospect they would further reduce the scope to cut rates amid accelerating inflation, have sent benchmark 10-year bonds sharply lower since the RBI cut the repo rate on August 2, with the yield up more than 60 bps.

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RBI also said it has chose to rationalise charges on Debit card transactions to give a further fillip to digital payments.

The MPC made a decision to continue with the neutral stance and watch the incoming data carefully.

The RBI said that "two of the key factors determining the cost of living conditions and inflation expectations - food and fuel inflation - edged up in November". However, it is also to likely to emphasize the need to resolve the banking sector's stressed assets and improve credit growth in order to achieve sustained and higher economic growth.

A Business Standard poll of 10 economists concluded that a rate cut is not on the cards.

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Wednesday's decisions were widely predicted after the annual rate of consumer inflation increased in October to 3.58 percent, driven by higher food and crude oil prices.

After five consecutive quarters of deceleration, GDP growth quickened to 6.3% in July-September, suggesting the Indian economy had shaken off some of the lingering effects of demonetization and the Goods and Service Tax, which was rolled out on 1 July.

"It's too early to predict beyond the February policy meet, we'll have to see how things shape up".

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