Highlights of RBI monetary policy

Following are the highlights of the first bi-monthly monetary policy announced by the RBI on Thursday: * Short-term lending rate (repo) reduced by 25 bps to 6 pc;

* This is second back-to-back rate cut; * RBI maintains Neutral stance on the monetary policy;

* Four out of six MPC members voted in favour of rate cut; * GDP growth projection lowered to 7.2 pc for 2019-20;

* RBI revises downward retail inflation estimate to 2.4 pc in Q4 FY19. * MPC notes output gap remains negative and domestic economy facing headwinds;

* Next monetary policy statement on June 6.