Highlights of RBI's monetary policy statement

Following are the highlights of the RBI's fourth bi-monthly monetary policy statement of 2019-20: * Repo rate or short-term lending rate reduced by 25 bps to 5.15 pc;

* It is fifth-rate cut in 2019; * GDP growth forecast lowered for current fiscal to 6.1 pc from 6.9 pc earlier;

* RBI continues with its accommodative monetary stance to revive economic growth; * Government stimulus measures to help strengthen private consumption and spur investments;

* Continuing slowdown warrants intensified efforts to restore growth momentum; * Retains retail inflation projection for the second half of year at 3.5-3.7 pc;

* RBI notes monetary transmission has been staggered and incomplete; * Foreign exchange reserves stood at USD 434.6 bn on Oct 1, up to USD 21.7 bn over March-end 2019;

* All members of rate-setting Monetary Policy Committee (MPC) voted for rate cut; * Next monetary policy review meeting scheduled during December 3-5, 2019.

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