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RBI Monetary Policy highlights: Have many instruments toaddress slowdown, says GovernorThe MPC has kept the repo rate unchanged at 5.15 percent and also decided to continue with theaccommodative stance

Read More

ON

In December, the Reserve Bank of India’s monetary policy committee surprised the markets by leaving rates unchanged

when economists had forecast a cut. Much has changed since and this time around the expectation is that the MPC will hold

tight while leaving its accommodative stance unchanged.

The obvious reason is the sharp rise in retail inflation in the past two readings. A second reason why the MPC will hold rates

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RBI Monetary Policy key takeaways | Maintains accommodative

stance, sees scope for future rate cuts

The Monetary Policy Committee (MPC) has unveiledits last credit policy for FY20 on February 6. The meet

comes in the backdrop of slowing GDP growth and risinginflation.(https://www.moneycontrol.com/news/business/economy/rbi-monetary-policy-updates-repo-rate-cut-key-lending-rate-rbi-governor-shaktikanta-das-mpc-february-2020-�scal-de�cit-in�ation-cheaper-loans-key-takeaways-4912131.html)

"Removal of CRR requirement on incremental credit to retail

loans for automobiles, residential housing and loans to MSMEs,

extension of one-time restructuring scheme for MSME advances

HIGHLIGHTS

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2/7/2020 RBI Monetary Policy highlights: Have many instruments to address slowdown, says Governor - Moneycontrol.com

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and 1-year extension allowed for date of commencement of

commercial operations of project loans to commercial real estate

should all help alleviate funding woes of these crucial segments

of the economy. Similarly, LTROs, new floating rate loans allowed

for Medium Enterprises and CRR forbearance on incremental

credit to retail loans for automobiles, residential housing and

loans to MSMEs should improve monetary transmission to

crucial industry segments which are currently struggling.

Overall, today’s policy should hopefully help start the virtuous

cycle to pull Indian economy out of its current morass,"

said Piyush Baranwal – Executive Vice President -  SeniorFund Manager (Fixed Income), YES AMC.

"The overall real estate sector will see stability in terms of

investment and purchase behavior. With this the infrastructure

prices are likely to remain stagnant which will keep the prices

stable for real estate sector. Though the marketers were

expecting a cut in the repo rate along with the restructuring in

loans after the Union Budget 2020, the unchanged repo rate will

have steady growth in the sector at large. Another impetus for

homebuyers will be the CRR leeway for existing and incremental

loans will help the stimulus package announced,” said AshokMohanani, Chairman EKTA World and Vice PresidentNAREDCO Maharashtra.

"Overall, it’s a ‘dovish’ policy, with an expansionary policy stance

indicating that the RBI is unlikely to hike rates in the near-term,"

said Pankaj Bobade, Head- Fundamental Research, AxisSecurities.

"Firstly, the RBI announced long term repos in the 1 to 3 year

window up to Rs 1 trillion. This led to short term yields falling by

15-20 bps and it was as good as a rate cut. Secondly, it announced

that banks won’t have to include incremental loans to auto,

housing and MSME sectors during Jan-Jul 2020 in their NDTL for

CRR calculation. This again is like a marginal and temporary CRR

cut and is likely to boost bank credit to the said segments. These

measures together are like a stimulus for the economy although

the repo rate was kept unchanged,” said Anagha Deodhar,Economist, ICICI Securities.

"The decision to extend the date for commencement of

commercial operations with regards to project loans for

commercial real estate, would complement the initiatives for the

real estate sector taken by the government last year. I would like

to add here that RBI had reduced the repo rate by a cumulative

02:54 PMIST

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135 basis points in 2019, and it’s important that the central bank

ensures proper transmission of the rate cut by banks to reduce

the EMI load of the consumers. Not only this, it will also make

home loans more accessible for consumers, thereby boosting

housing demand. There's also a need to bring in measures to

boost credit supply from banks and NBFC sector for developers,”

said Manju Yagnik, Vice Chairperson Nahar Group and VicePresident NAREDCO (Maharashtra)

SBI says policy decisions to be beneficial. Rajnish Kumar,

Chairman, SBI said, "The RBI policy is a statement of intent

carefully using a repository of policy novelties to address the

current delicate balance of growth and inflation. While the

decision to keep rates on hold was universally anticipated, the

RBI bouquet of developmental and regulatory steps is a positive

surprise to the financial ecosystem. The decision to allow Long

term repo operations for 1yr and 3yr for total amount of Rs 1

trillion at policy repo rate will bring down cost of funds for

banks and will facilitate better transmission within the current

constraints of downward rigidity of deposit rates. Exemption of

CRR maintenance for all additional loans given for retail loans

for automobiles, residential housing, and loans to MSMEs is

positive for banks, auto sector, residential housing and MSMEs

will also help to lower cost of funds. Extension of date of

commencement of commercial operations (DCCO) of project

loans for commercial real estate by another one year without

downgrading the asset classification will allow the real estate

sector to focus on project completion. Extending the date of

restructuring of MSME advances will also help the sector to

navigate the current business downturn and is a logical corollary

of budget announcement.”

"RBI in its press conference, stated policy action will be taken in

the second half of the financial year if CPI projection evolves as

per their expectations. RBI has also stated its Open Market

Operations is done to bring down the corporate bond yields. The

objective is to bring the benchmark down and induce banks to

lend more.The statement on developmental and regulatory

policies has gained importance for the bond market in the

present budget. RBI is introducing long term repo in one year

and 3-year upto one lakh crores at the current benchmark repo

rates. This will give assured liquidity to the banks for extending

loans for this tenure. This framework allows banks to invest in

short term G sec and corporate bonds and exploit arbitrage

opportunities. RBI monetary policy is co ordinating with the

budget, with relaxed guidelines for SME and real estate sector, to

boost lending and restructure loans to SME and

developers."  said Murthy Nagarajan, Head - Fixed Income,Tata Asset Management.

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Markets see upward swing. The benchmark indices continued

its upward momentum for the fourth consecutive day on

February 6 with Nifty ended above 12,100 post RBI kept the repo

rate unchanged at 5.15 percent.

At close, the Sensex was up 163.37 points at 41,306.03, while Nifty

was up 44.50 points at 12,133.70. About 1,366 shares have

advanced while 1,077 shares declined, and 172 shares are

unchanged. IndusInd Bank, Eicher Motors, Zee Entertainment,

SBI and Bajaj Finance were among major gainers on the Nifty,

while losers were Tata Motors, Cipla, Infosys, Titan Company and

ITC.

Economists and financial experts have welcomed RBI's widely

expected status quo on repo rate, and other announcements to

spur economic growth and ensure money supplies

effectively. The RBI's MPC kept the key policy rate unchanged at

5.15 per cent. This follows a cumulative 135 basis points (bps) cut

in repo rate since February to December 2019.

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