Mumbai, December 5: The Reserve Bank of India (RBI) on Thursday maintained the status quo on policy rates in its fifth bi-monthly monetary policy review of the financial year. The Repo rate remained unchanged at 5.15 percent, the reverse repo rate is at 4.90 percent and the bank rate was at 5.40 percent. GDP Growth Forecast Slashed From 6.1% to 5% by RBI Monetary Policy Committee, Inflation Target Also Revised.

According to an Economic Times report, all six committee members voted against the rate cut. The RBI further cut the GDP growth forecast for the current fiscal to 5 percent.

According to an ANI tweet, RBI Governor Shaktikanta Das said, "As regards the external sector, exports contracted in September-October 2019 reflecting the persisting weakness in global trade but non-oil export growth returned to positive territory in October, after a gap of two months." What Caused RBI to Shift From Convention on Rate Cut.

Check ANI tweet:

RBI also revised its inflation forecast for the second half of the current fiscal to 4.7 percent to 5.1 percent from 3.5 percent to 3.7 percent. The committee further highlighted that inflation numbers are expected to moderate below the target by the second quarter of fiscal 2020-21.

(The above story first appeared on LatestLY on Dec 05, 2019 12:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).