The Monetary Policy Committee (MPC), Reserve Bank of India in its sixth Bi-Monthly Monetary Policy Statement, 2016-17 kept the key policy rates unchanged same as in the fifth Bi-Monthly Monetary Policy Statement, 2016-17.
The policy repo rate, at which it lends to the scheduled banks borrowing for the short liquidity gaps, under the liquidity adjustement facility (LAF) thus stands unchanged at 6.25 percent.
The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth.
Consequently, the reverse repo rate under the LAF remains unchanged at 5.75 percent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 percent.
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