URJIT PATEL'S FIRST RBI POLICY ANNOUNCEMENT

Policy Rate		Old Rate		New Rate
Bank Rate		7%		6.75%
Repo Rate		6.5%		6.25%
Reverse Repo Rate		6%		5.75%
CRR		4.00%		4.00%
SLR		20.75%		20.75%

The latest monetary policy meeting was the first meet where the interest rate decision is taken by a panel. Urjit Patel, the RBI governor, was one among the six-member Monetary Policy Committee (MPC) recently notified by the government. Indian stocks rallied for the third consecutive day today after the Reserve Bank of India (RBI) cut its key lending rate or the repo rate by 25 basis points to a six-year low of 6.25%, from 6.5% earlier. Today Sensex ended with a gain of 91 points at 28,335. It opened at 28,378, touched an intra-day high of 28,405 and low of 28,242.The  Nifty closed with a gain of 31 points at 8,769. It opened at 8,770, hit an intra-day high of 8,784 and low of 8,736.Sentiments were on optimistic note after World Bank stated that India’s GDP growth will remain strong at 7.6% in 2016 and 7.7% in 2017.