RBI maintained status quo on rates and stance. RBI Governor said that MPC has decided to see through the inflation as it is likely to be transient. GDP is expected to contract by -9.5% for this year.
GDP is expected to be in positive zone in Q4. RBI Governor said that consumption and exports are picking up and it is not imprudent to dream. He added that the economy is in a decisive stage.
RBI has decided to do Weekly OMO’S of Rs 20,000 Cr which could be infused into corporate debentures. RBI is also expected to buy State govt securities as part of OMO. For housing sector, risk weigthage of loans has been reduced to loan to value ratio, which could bring down costs of housing loans for high loan values.
Banks need not account MTM of bond fluctuations till 2022. Banks exposure to individual retail loans has been enhence to rs 7.5 cr.
10 year G-SEC bond yield has declined 10 bps to 5.93%. Rupee has gained to 73.05 and Indian Equity indices are marginally higher.
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