RBI Monetary Policy June 2018: The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) headed by the governor Urjit Patel is all set to announce the outcome of its first three-day policy meeting at around 2:30 pm today, 6 June 2018 (RBI Policy date).
The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) headed by the governor Urjit Patel is all set to announce the outcome of its first three-day policy meeting at around 2:30 pm today, 6 June 2018 (RBI Policy date). According to experts, there are relatively more chances that RBI may increase the benchmark repo rate by 25 basis points in the second bi-monthly Monetary Policy Committee. If this happens then it would be the first hike in the last four-and-half years. Earlier in January 2014, the RBI raised the repo rate to 8%. Since then the central bank had either reduced the repo rate or maintained status quo.
Share market on RBI Monetary Policy day
Ahead of the repo rate decision by RBI in the second bi-monthly Monetary Policy Committee meeting in the financial year 2018-2019, India’s share market extended gains after opening higher in the opening bell with BSE Sensex index rising more than 200 points and Nifty 50 trading firm above 10,650 level. Other than the headline indices, heavy trading has been witnessed in the rate-sensitive stocks such as ICICI Bank, HDFC Bank, SBI (State Bank of India) and Yes Bank. The key sectoral benchmark indices — Nifty Bank, Nifty PSU Bank, Nifty Private Bank, Nifty Financial Services — surged up to 1.6% with Nifty PSU Bank index, the barometer which tracks the performance of major state-run banks, leading the charge.
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