What RBI policy surprise means to you
A policy surprise
This came after five consecutive cuts. The short-term lending rate, or repo rate, was unchanged at 5.15 per cent.
This is good news for fixed deposit investors who have been seeing their interest rates fall throughout the year. Hopefully, RBI maintaining status quo on rates will prompt banks to hit pause on cutting FD rates further.
For $5-trillion GDP dream
It has revised the growth to 4.9-5.5 per cent in H2 and 5.9-6.3 per cent for H1 2020-21.
For ATM security
In its Statement on Development and Regulatory Policies released during its bi-monthly monetary policy review, the central bank said that it will introduce "baseline cyber security controls for ATM switch application service providers of RBI regulated entities."
And a disappointed realty
"Lower interest rate would have helped push up credit demand and investment in the economy, aiding overall economic growth. It would have provided a much-required reprieve to some ailing sectors like real estate and auto,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.