Highlights of RBI's sixth bi-monthly monetary policy statement for 2019-20

Following are the highlights of RBI's sixth bi-monthly monetary policy statement, 2019-20: * Policy rate kept unchanged at 5.15 pc

* GDP growth for 2020-21 fiscal pegged at 6 pc * Upward bias expected in overall food prices on account of vegetables, pulses

* Accommodative stance to revive growth maintained; inflation to remain elevated in short-run * Retail inflation projection revised upwards to 6.5 pc for January-March quarter

* Breakout of Coronavirus may impact tourist arrivals, global trade * Rationalisation of personal income tax rates in the 2020-21 Budget to support domestic demand

* Need for adjustment in interest rates on small saving schemes outlined * Pricing of loans by banks for the medium enterprises to be linked to an external benchmark effective April 1

* Time for the restructuring of GST-registered MSME loans extended till December 2020, from March 2020 at present * Revised regulations for housing finance companies to be issued

* RBI to periodically publish a composite 'Digital Payments Index' (DPI) from July 2020 to capture the extent of digitization of payments * Framework for a Self-Regulatory Organisation (SRO) for digital payments to be issued

* Pan India Cheque Truncation System (CTS) to be made operational by September * Extension of date of commencement of commercial operations of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by one year, allowed

* Crude prices likely to remain volatile * Foreign exchange reserves stood at USD 471.4 billion on February 4, 2020

* Net FDI rose to USD 24.4 billion in April-November 2019, against USD 21.2 billion a year ago * Net foreign portfolio investment (FPI) stood at USD 8.6 billion in 2010-20 (till February 4) as against net outflows of USD 14.2 billion in the year ago period

* All six members of the Monetary Policy Committee vote in favor of maintaining status quo on interest rate * Next meeting of the MPC scheduled during March 31, April 1 and 3, 2020.

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