Rajnish Kumar, Chairman, SBI said, "The RBI policy decision to change the policy stance to “ accommodative” will simultaneously help the financial system to navigate to a lower term structure of interest rates and also accommodate growth concerns. On the regulatory front, the decision to lower the Basel III Leverage Ratio will augment the lendable resources of the Banks. Also the move to scrap transaction charges for RTGS & NEFT will boost digital transactions. The decision to issue draft for 'on-tap' licensing of small finance banks will add depth to this sector.
Launching of the on-line trading platform for retail participants is a positive development for small & medium forex customers. The RBI intent to harmonize existing regulations for different money market products augurs well for market transparency.”
Industry bodies have also welcomed the 25 bps rate cut by the MPC. Sandip Somany, President, FICCI said that they hope that this third consecutive rate cut in repo rate will lead to effective transmission, encouraging banks to lower their lending rates for both retail and corporate credit.
IMF projected India's growth rate at 6.1% in 2019 The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 % down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3% in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3%.
- IMF projected India's growth rate at 6.1% in 2019
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