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    Published On : Tue, Sep 29th, 2015
    Business News / Top News | By Nagpur Today Nagpur News

    Highlights from Dr Rajan’s speech Says 50-Basis-Point Cut Not a Diwali Present

    raghuram-rajanNagpur: Reserve Bank Governor Raghuram Rajan on Tuesday cut the benchmark repo rate by 50 basis points to a four-year low of 6.75 per cent. Most analysts polled by Reuters expected the central bank to slash rates by 25 basis points.

    Here are the highlights from Dr Rajan’s speech:

    • The RBI will be accommodative to the extent possible
    • January 2016 CPI target of 6% looks achievable
    • Expect some rate transmission soon
    • RBI has front-loaded policy action
    • To start cutting SLR from January
    • The global economic situation not looking good
    • The economy reeling with legacy issues
    • There are no silver bullets
    • India can still be a country with strong growth
    • Hike in foreign investment limit in bonds to be announced every March, September
    • RBI pays attention to Fed stance. But it is not the central thing we look at
    • Risks to inflation include weak monsoon
    • The RBI and the government working hard to turn around the economy
    • Transmission of rates is one of the factors we are looking at
    • We need to have greater comfort on the inflation front
    • Government bonds FII cap relaxation in phases
    • Pay commission report to act as stimulus
    • See consumer inflation moderating from here
    • Inflation to stay below January 2016 target of 6% in FY16; will average 5.5% for FY17
    • Capacity utilisation still very tepid. Corporate investment still weak
    • Since our last policy, the conditions we had laid out were broadly met
    • Reduction in banks’ deposit rates has been substantial
    • 50-basis-point cut not a Diwali present
    • My name is Raghuram Rajan and I do what I do
    • Used maximum room given by inflation

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