Highlights of RBI monetary policy

Mumbai: Following are the highlights of the first bi-monthly monetary policy announced by the RBI on Thursday:

* Short-term lending rate (repo) reduced by 25 bps to 6 pc;

* This is second back-to-back rate cut;

* RBI maintains Neutral stance on the monetary policy;

* Four out of six MPC members voted in favour of rate cut;

* GDP growth projection lowered to 7.2 pc for 2019-20;

* RBI revises downward retail inflation estimate to 2.4 pc in Q4 FY19.

* MPC notes output gap remains negative and domestic economy facing headwinds;

* Next monetary policy statement on June 6.

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