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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 351. |
What is the current repo rate, as per the 3rd bi-monthly policy, released by RBI? |
| Answer» The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked policy repo rate by 25 basis points to 6.50% in its third bi-monthly monetary policy review of 2018-19. Repo rate is the rate at which the RBI lends money to commercial banks in the event of any shortfall of funds. Reverse repo rate, the rate at which the Reserve Bank borrows money from commercial banks within the country, was adjusted to 6.25%. Accordingly, the Marginal Standing Facility (MSF) rate and the Bank Rate too stand adjusted at 6.75%. This time too, RBI has maintained neutral stance with an objective of achieving the medium-term target for headline inflation of 4 per cent while supporting growth. | |
| 352. |
Which payment bank has been bared by the RBI from enroling new customers? |
| Answer» Reserve Bank of India observed that a few Fino Payments Bank accounts had deposits in excess of the stipulated amount of ₹1 lakh. According to RBI's operating guidelines for payments banks, a customer can make deposits of up to ₹1 lakh per account in a year. Such banks cannot accept deposits beyond this limit. RBI has imposed similar restrictions on Paytm Payments Bank (on June 20) and Airtel Payments Bank (in January) which are also not able to on-bard new customers. | |
| 353. |
With which banke PayPal joint hands to offer safer, faster and convenient payment experiences for the bank's cardholders? |
| Answer» PayPal, a digital payments platform has announced its strategic partnership with and HDFC Bank to offer safer, faster and convenient payment experiences for the bank's cardholders. To initiate incremental digital spend, the HDFC cards will be presented as a payment option during enrollment and subsequent payments, with the ability for consumers to easily open PayPal accounts and set it as their preferred payment method. The partnership will create a number of joint growth opportunities that will advance PayPal and HDFC Bank's shared vision of offering consumers greater choice and flexibility in managing their money. | |
| 354. |
Reserve Bank of India (RBI) has allowed non-fund-based __________ at State levels to revive India's co-operative banking sector? |
| Answer» The Reserve Bank of India (RBI) has allowed non-fund-based Umbrella organisations(UO) at State levels to revive India's co-operative banking sector. It would conduct non-fund activities in the areas of training, capacity building and IT infrastructure and research. Gujarat is the first State in the country to have an UO for the UCB sector. Along with this, it is conducting a two-day conference and exhibition of co-operative banking sector under the name Sahakar Setu 2018, in Ahmedabad, from August 4-5. | |
| 355. |
Which bank launched a payments machine called MOPAD & allows to facilitate transactions from cards to QR code based payments? |
| Answer» State Bank of India launched a payments machine called MOPAD. The full form of MOPAD is Multi Option Payment Acceptance Device. It is a Point of Sale (PoS) terminal that will allow to facilitate transactions from cards to QR code based payments. It would accept payments through UPI, Bharat QR, and SBI Buddy wallet which till now required different tools to receive payments. Customers won't have to carry cards and can just scan the QR code to make the payment. | |
| 356. |
Who launched a new digital platform 'MyDeal' to raise funds via Capital Markets? |
| Answer» Hongkong and Shanghai Banking Corporation (HSBC) has launched a new digital platform 'MyDeal' to simplify capital raising process through capital markets by providing real-time access to information such as investors' feedback, profiles, client orders and deal pricing. The platform contains all the information relating to a client's capital markets transaction and is updated on real-time basis. In its pilot phase, MyDeal has raised over USD 25 billion in the first seven months through over 30 transactions globally. | |
| 357. |
Which become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar -based transactions through its micro ATM tablets? |
| Answer» Axis bank has become the first bank in the country to introduce Iris Scan Authentication feature for Aadhaar -based transactions through its micro ATM tablets. This is being run as a pilot project in 8 branches of rural Punjab, Haryana, Gujarat and Andhra Pradesh. | |
| 358. |
With which bank Bajaj Allianz General Insurance entered into a bancassurance deal? |
| Answer» Bajaj Allianz General Insurance entered into a bancassurance deal with Vijaya Bank. The General Insurance products would be available through the bank's network of 2,129 branches. Insurance products such as health, personal accident, home, motor and travel along with a commercial line of insurance products will be offered. The partnership will strengthen the presence of Bajaj Allianz General Insurance in southern India. | |
| 359. |
Which bank has signed a multilateral cooperation agreement with member development banks of BRICS? |
| Answer» Exim Bank of India has signed a multilateral cooperation agreement with member development banks of BRICS to undertake "collaborative research" in distributed ledger/blockchain technology. The MoU signed by Exim Bank Managing Director David Rasquinha was an outcome of the discussions the member development banks had during their annual meeting, with the objective of strengthening the cooperation under the BRICS Interbank Cooperation Mechanism. | |
| 360. |
The Indian Banks' Association has appointed __________ as a 'Knowledge Partner' to the Banks Board Bureau. |
| Answer» The Indian Bank's Association has appointed Egon Zehnder International as a 'Knowledge Partner' to the Banks Board Bureau. It will design, implement and institutionalise a flagship leadership development strategy for public sector banks in India. In addition, Hay Consultants Private Limited will assist the bureau in assessing leadership competencies of candidates. | |
| 361. |
Which bank increased the marginal cost of funds based lending rate (MCLR) by up to 0.10 per cent for various tenors, recetly? |
| Answer» IDBI Bank increased the marginal cost of funds based lending rate (MCLR) by up to 0.10 per cent for various tenors. For overnight and one-month tenor loans, the MCLR are increased by 0.05 per cent each to 8 per cent and 8.25 per cent respectively. The one year loan will be priced at 8.85 per cent, two year and three year tenors will be priced at 8.90 per cent each. | |
| 362. |
Which bank's server was under a malware attack for 2 days and an amount of Rs 94 crore has been transferred off? |
| Answer» Cosmos bank announced that the server of Pune-based bank was under a malware attack for 2 days between August 11 and August 13 and an amount of Rs 94 crore has been transferred off. The fraudulent transactions were carried out via cloning of thousands of the bank's debit cards and 25 ATMs located in Canada, Hong Kong and a few in India. The cards of the cooperative bank customers that were cloned were of Visa and Rupay. The malware attack was on the switch, which is operative for payment gateways of Visa and Rupay debit cards. | |
| 363. |
This bank suggested its customers to switch to EVM cards. |
| Answer» State Bank of India (SBI), the country's largest lender, has asked its customers to replace their ATM cards for Europay, MasterCard, Visa (EMV) chip based ATM-cum-debit cards with magnetic stripe before December 31. The Reserve Bank of India (RBI) had asked banks to issue only chip-based and Personal Identification Number (PIN) enabled debit and credit cards to protect customers from frauds. EMV chip card protects against counterfeit skimming (card fraud). EMV chip card and PIN protects against both counterfeit skimming and lost and stolen card fraud. | |
| 364. |
Who launched overdraft facility for medium and small enterprises recently? |
| Answer» Ujjivan Small Finance Bank announced the launch of its overdraft facility for micro and small enterprises (MSE). This aimed at the MSEs who don't have easy access to formal credit. It would be offered to all MSEs with a turnover of Rs 50 lakh or more. This interest rate on the overdraft is for one year with a minimum credit of Rs 11 lakh to a maximum of Rs 50 lakh renewed on an annual basis. Ujjivan SFB also offers composite loans, where the overdraft facility can be combined with existing MSE term loan products. | |
| 365. |
Name the bank which launched 'bond-i', the world's first bond to be created, allocated, transferred and managed by using distributed ledger technology. |
| Answer» The World Bank launched 'bond-i', the world's first bond to be created, allocated, transferred and managed by using distributed ledger technology. This two-year bond successfully raised 110 million Australian dollars (USD 80.48 million). This was the first time that investors supported the World Bank's development activities in a transaction that is fully managed using the blockchain technology from start to finish. | |
| 366. |
Which bank has been ranked as best State-Run Bank for Digital Transactions? |
| Answer» According to the PNB statement, the report card on the banking sector's performance in digital transactions, PNB's average percentage of technical declines is only 0.83 per cent of the total transactions. It has been rated as the sixth best in the overall category amongst all banks in India for digital performance. | |
| 367. |
Which bank named as the world's best bank for its digital innovation according to Global Finance magazine? |
| Answer» Global Finance magazine named DBS Bank as the world's best bank for digital innovation while still maintaining stable operations for its customers. It is the first Asian bank to receive the accolade. It was given to ING Bank in 2017. It also received the Asia's best bank title. | |
| 368. |
With which bank, the Indian government signed a $375 million loan agreement to contribute to double farming incomes in Madhya Pradesh by expanding irrigation networks and system efficiency? |
| Answer» The government of India and the Asian Development Bank (ADB) signed a $375 million loan agreement to contribute to double farming incomes in Madhya Pradesh by expanding irrigation networks and system efficiency. The Madhya Pradesh Irrigation Efficiency Improvement Project will develop 125,000 hectares of new, highly efficient and climate resilient irrigation networks and improve water use efficiency in more than 400 villages, benefiting over 800,000 people in Madhya Pradesh. | |
| 369. |
This bank changes its names and IFSC codes of its branches recently. |
| Answer» The State Bank of India (SBI), has changed the names and IFSC codes of 1,300 of its branches. The idea behind the move is to rationalize SBI's merger with six associate banks and the Bhartiya Mahila Bank (BMB) which came into effect from April 1, 2017. SBI has updated the list of branches with old and new names and IFSC codes on its website. | |
| 370. |
RBI canceled the licence of this bank for not having adequate capital and earning prospect. |
| Answer» RBI has cancelled the licence of Rajasthan-based Bhilwara Mahila Urban Co-operative Bank. RBI said that the bank does not have adequate capital and earning prospect and is not in a position to pay its present and future depositors. The cancelled licence of the bank is in effect from the close of business on August 31, 2018. | |
| 371. |
ICICI increased its benchmark lending rates by how many poiints? |
| Answer» ICICI increased its benchmark lending rates or MCLR by 0.15 percent. This changes are effective from September 1, 2018. This made home, auto and other loans would become costlier. It comes after the Reserve Bank of India (RBI) hiked benchmark lending rate called repo rate by 25 basis points to 6.5 percent. | |
| 372. |
Which bank launched its e-facilitation facility for army veterans in Bengal? |
| Answer» The main key features are to facilitate the process of resolution of pension cases It is the ability to fast-track pension issues by "on the spot" resolution of pension-related grievance of veterans/ veer naris/ next of kin. About State Bank of India State Bank of India is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation headquartered in Mumbai, Maharashtra. Headquarters: Mumbai Founded: 1 July 1955. | |
| 373. |
Name the bank which bank opened portal to claim education loan interest subsidy. |
| Answer» The Canara bank opened a portal to claim education loan interest subsidy for the financial year 2017-18. The Portal will be opened till 28, 2018. This is under the Central sector interest subsidy (CSIS) scheme implemented by the Union Ministry of HRD which was started in 2009. Full interest subsidy is provided to the eligible students for the course period plus one year for loans up to Rs.7.5 lakh and This is applicable to students from an Economically Weaker section having parental income upto Rs.4.5lakhper annum. | |
| 374. |
The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law? |
| Answer» The Reserve Bank of India (RBI) has recently introduced Internal Ombudsman (IO) scheme 2018 to tighten internal grievance redressal system at Scheduled Commercial Banks (SCBs). In it, RBI has given statutory powers to Internal Ombudsman (IO) under section 35 A of the Banking Regulation Act, 1949. The central bank has tightened the selection and operating procedure for IO in banks and made it mandatory for lenders with more than 10 branches (excluding Regional Rural Banks) to have an independent authority to review complaints that were partially or wholly rejected by the respective banks. An ombudsman is a person officially charged with investigating and addressing public complaints or violation of rights. The tenure of the IO cannot be more than 5 years and it is not open to reappointment. An IO also cannot be removed without consent from the RBI. This new post will not report to the bank's CEO but to the customer service committee of the bank. | |
| 375. |
Which bank launched its first Trade Finance Scorecard to address market and boost trade finance? |
| Answer» The Asian Development Bank (ADB) launched its first Trade Finance Scorecard, a new tool to address market and boost trade finance. It aims to prevent money-laundering and terrorism. It will open a channel of dialogue among stakeholders to prevent terror financing. | |
| 376. |
Reserve Bank of India (RBI) bought __________ tonne of gold in financial year 2017-18, which is the first purchase in almost nine years? |
| Answer» The Reserve Bank of India (RBI) bought 8.46 tonne of gold in financial year 2017-18. This is the first purchase in almost nine years. RBI now has 566.23 tonne of gold in this year. Earlier in November 2009, RBI had bought 200 tonne of gold from the International Monetary Fund (IMF). The value of gold held as asset of Banking Department rose by 11.12% due to the depreciating value of rupee against dollar. | |
| 377. |
This bank appoints Amitabh Chaudhry as its managing director & CEO from January 1, 2019, for a period of three years. |
| Answer» Axis Bank announced that Amitabh Chaudhry has been appointed as its managing director & CEO from January 1, 2019, for a period of three years. Mr. Chaudhry, the MD & CEO of HDFC Standard Life Insurance Company at present, will take the charge at India's third largest private sector bank after incumbent Shikha Sharma steps down on December 31, 2018. Mr. Chaudhry, 54, has been associated with HDFC Life since January 2010. | |
| 378. |
RBI tweaks norms for note change thereby making amendments to the __________. |
| Answer» RBI tweaked norms for exchange of mutilated notes following the introduction of ₹2,000, ₹200 and other lower denomination currencies. Public can exchange mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value. Making amendments to the Reserve Bank of India (Note Refund) Rules, 2009. | |
| 379. |
The 2018 Flagship Statistical Report for Asia and the Pacific is released by which bank? |
| Answer» Asian Development Bank released its 2018 Flagship Statistical Report for Asia and the Pacific. This report provides the latest available economic, financial, social, SDG indicators and environmental statistics for the 48 regional members of ADB. This year's report is focusing on: Technological Innovation for Agricultural Statistics. | |
| 380. |
Which bank has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point? |
| Answer» United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 percent across tenors. The Asset Liability Management Committee of the Bank has revised the tenor based MCLR of the bank with effect from 14 September 2018 The one-year MCLR has been increased to 8.85 percent from 8.80 percent. | |
| 381. |
Which bank bagged the "Rajbhasha Kirti" award on the occasion of Hindi Diwas? |
| Answer» State-run Punjab National Bank (PNB) bagged the "Rajbhasha Kirti" award for outstanding performance in implementing the Official Language Policy during 2017-18. The award was given on the occasion of Hindi Diwas (15th September). The award, under the category of 'Nationalised Banks and Financial Institutions in Region A', was presented by Vice President M. Venkaiah Naidu to PNB Chief Executive and MD Sunil Mehta. | |
| 382. |
How many members are appointed to the local boards of RBI by the Indian Government? |
| Answer» Government appointed four members to the local boards of RBI (Reserve Bank of India). Rakesh Jain and Sachin Chaturvedi have been appointed as member in Southern local board and Eastern local board of RBI. Revathy Iyer and Raghvendra Narayan Dubey have been appointed as member in Northern local board of RBI. RBI's affairs are governed by the central board of directors. The board is appointed by the government. Also, the government nominates 16 non-official directors to the board. 10 directors are nominated from various fields, 2 from government officials and 1 director each from the four local boards. | |
| 383. |
Which bank paid a fine amount Rs 38 crore to the GST department? |
| Answer» Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances. Over Rs. 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST. The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and underpaid the tax, while the bank feels the opposite. | |
| 384. |
Who are all appointed as the members in Northern local board of RBI (Reserve Bank of India) by the Government? |
| Answer» The Government appointed four members to the local boards of RBI (Reserve Bank of India). Rakesh Jain and Sachin Chaturvedi have been appointed as member in Southern local board and Eastern local board of RBI. Revathy Iyer and Raghvendra Narayan Dubey have been appointed as member in Northern local board of RBI. Revathy Iyer and Sachin Chaturvedi have also been nominated as Director on the central board of RBI. | |
| 385. |
Corporation Bank signed pact with this for sharing security information under IBBI rule? |
| Answer» Corporation Bank has signed an information utility (IU) agreement with National e-Governance Services Ltd (NeSL), the first IU registered with the Insolvency and Bankruptcy Board of India (IBBI), to share financial and security information under IBBI (IU) Regulation 2017. They serve the needs of the banking system by providing data to insolvency professionals, adjudicating authority and the Insolvency and Bankruptcy Board of India on the proof of borrowing, proof of default and security interest data in respect of NCLT cases while adhering to prescribed standards of information security. | |
| 386. |
Rakesh Sharma has taken charge as the MD and CEO of which bank? |
| Answer» State-run IDBI Bank has announced that Rakesh Sharma has taken charge as the managing director and chief executive officer of the bank. He has replaced B Sriram. Mr Sharma has been appointed for the period of six months. He retired from Canara Bank as the MD and CEO after serving for a period of three years. | |
| 387. |
How many IT firms are shortlisted for the implementation of a centralised information and management system (CIMS) for data collection? |
| Answer» Reserve Bank shortlisted five IT firms for implementation of a centralised information and management system (CIMS) for data collection. The 5 IT firms are: Infosys, TCS, Capgemini, IBM, Larsen & Turbo Infotech. The CIMS would consist of System driven data validation and data review, Overhauling the Data Warehouse (DW) of RBI, Data safekeeping and storage, Providing data dissemination platform and Centralised analytics platform to facilitate creation of RBI Data Sciences Lab. | |
| 388. |
Which bank partnered with ICICI Prudential Life for bancassurance? |
| Answer» ICICI Prudential Life inked a pact with Saraswat Bank to offer insurance products. This includes 280 branches of Saraswat Bank in Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka. ICICI Pru iProtect Smart, ICICI Pru Heart / Cancer Protect, ICICI Pru Future Perfect, ICICI Pru Savings Suraksha and ICICI Pru Cash Advantage. | |
| 389. |
Which bank approved a proposal to raise Rs 5,431 crore capital support from the central government? |
| Answer» Punjab National Bank (PNB) approved proposal to raise Rs 5,431 crore capital support from the central government through preferential issue of equity shares. The capital infusion of Rs 5,431 crore by the Central government will be through preferential allotment of the bank's equity shares at a price fixed as per regulation. Finance Minister Arun Jaitley had committed capital infusion to banks following his meeting with chiefs of public sector banks, on 25th September 2018. | |
| 390. |
YES Bank has partnered with which online financial services company for integration of its chat bot based platform YES mPower BOT? |
| Answer» YES Bank, India's fourth largest private sector bank announced its partnership with RupeeBoss.com, an online financial services company. This partnership would enable integration of YES mPower BOT, the Bank's chat bot based platform. It can be accessed across platforms like the online portal RupeeBoss.com for the customers, Magic Finmart , RupeeBoss Business Associate app etc. It would be used to support instant loan eligibilities for its several loan products. YES BANK would be able to leverage RupeeBoss.com's wide network of agents and employees to offer the Bank's asset products to a larger customer base. Hence, it will be able to provide its loan applicants with instant information without needing to know all the details about the customers. | |
| 391. |
17 Reserve Bank of India increased the "Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR)" from the existing 11 % to __________ of their deposits. |
| Answer» Reserve Bank of India enhanced the "Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR)" from the existing 11 per cent to 13 per cent of their deposits. Its objective is to overcome any possible liquidity constraints by the banks. This will be effective from October 1. This will enable the banks to forge out up to 15 per cent of holdings under the statutory liquidity reserves (SLR) during liquidity coverage ratio (LCR) requirements as compared to 13 per cent now. As of September 26, banks had availed of Rs.1.88 trillion through term repos from the Reserve Bank. | |
| 392. |
Centre is reportedly planning the amalgamation of Punjab National Bank (PNB), Andhra Bank and |
| Answer» After deciding to merge Bank of Baroda (BoB), Vijaya Bank and Dena Bank, Centre is reportedly planning the amalgamation of Punjab National Bank (PNB), Andhra Bank and Oriental Bank of Commerce (OBC). The government has been battling for years to clean up its banks, which have the highest bad-loan ratio after Italy among the world's 10 largest economies. | |
| 393. |
The Reserve Bank of India (RBI) barred this bank from opening new branches. |
| Answer» The Reserve Bank of India (RBI) barred Bandhan Bank from opening new branches and also ordered freezing of the bank's CEO salary over failure to stick to shareholding rules. The Bank was not able to bring down the shareholding of Non-Operative Financial Holding Company (NOFHC) to 40% as required under the licensing condition, general permission to open new branches stands withdrawn. | |
| 394. |
ICICI Bank ties-up with __________ to launch a range of co-branded credit cards. |
| Answer» CICI Bank ties-up with MakeMyTrip to launch a range of co-branded credit cards. This includes 2 types of credit card - MakeMyTrip ICICI Bank Platinum Credit Card and MakeMyTrip ICICI Bank Signature Credit Card. These can convert their daily spends on the card to MakeMyTrip 'MyCash' as reward currency. The rewards points have the validity of upto one year from the date of issuance and there is no maximum limit for reward points that can be accumulated in 'MyCash'. | |
| 395. |
For which bank, the Reserve Bank of India slaps a penalty of Rs 5 crore for non-compliance of its directives? |
| Answer» The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to RBI statement, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". | |
| 396. |
Which bank has slashed the daily withdrawal limit on its classic debit card from Rs 40,000 to Rs 20,000? |
| Answer» State Bank of India has slashed the daily withdrawal limit on its classic debit card from Rs 40,000 to Rs 20,000. There is no change in the daily withdrawal limits on other cards. The new limit will be effective from October 31st 2018. The bank has been receiving many complaints regarding cloning and the decision is taken to reduce the withdrawal limit on these cards to check fraudulent transactions. | |
| 397. |
Which bank allows a state-Owned Oil companies to Borrow long term working capital? |
| Answer» The Reserve Bank of India (RBI) has allowed state-owned oil companies to borrow long-term working capital from overseas. RBI relaxed the policy on borrowing up to 10 billion US dollar from the overseas by the state-owned fuel retailers. Till now oil marketing companies including Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, were not allowed to raise External Commercial Borrowing (ECB) for working capital needs on a long-term basis. Now, the RBI has allowed them to raise ECB of minimum maturity of 3 or 5 years. | |
| 398. |
Which bank released the update report of East Asia and Pacific economy? |
| Answer» The World Bank released its East Asia and Pacific economy update October 2018 edition. According to the report, developing countries of the East Asia and Pacific region will grow at 6.3 per cent in 2018 mainly due to China's moderate growth. In 2017, the growth of the region was at 6.6 percent. China's growth will slow moderately to 6.5 per cent. Remaining East Asia and Pacific region will maintain a stable growth of 5.3 per cent between 2018-2020 mainly due to a domestic demand. Inflation is expected to rise during 2018-20. | |
| 399. |
Bank of Maharashtra will close __________ branches across India as part of cost-cutting measures. |
| Answer» Bank of Maharashtra (BoM) announced the closure of 51 branches across India as part of cost-cutting measures being implemented in the banking industry, on 3rd October 2018. All the branches of the public sector bank (PSB) were in urban centres and they have been identified for the action as they were declared non-viable and incurred huge losses. | |
| 400. |
As per RBI's 4th bi-monthly Monetary Policy Statement, the current repo rate for 2018-19 is; |
| Answer» The Reserve Bank of India (RBI) has kept all key policy rates unchanged in its fourth bi-monthly monetary policy review, which is recently announced on October 5, 2018. A six-member Monetary Policy Committee (MPC), headed by Governor Urjit Patel, decided to keep the repo rate unchanged at 6.5% and the reverse repo rate at 6.25%. Repo rate is the rate at which RBI lends to banks, while the reverse repo is the rate at which RBI borrows money from banks. Accordingly, the Marginal Standing Facility (MSF) rate and the Bank Rate too were kept at 6.75%. On the growth front, RBI retained GDP growth projection for 2018-19 at 7.4%. | |