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The RBI will switch to reviewing monetary policy every two months from April 1

March 12, 2014 8:44 IST | India Infoline News Service
India’s merchandise exports in February recorded their first decline in eight months, dashing policy makers’ hope of meeting the US$325bn target for the current financial year. The country’s exports fell 3.67% in the month to US$25.68bn, against US$26.68bn in the year-ago period. Imports in the month, meanwhile, declined 17.09% to US$33.82bn, against US$40.79bn in February last year. (BS)

The RBI will switch to reviewing monetary policy every two months from April 1. The new system is in line with the recommendations made in the Urjit Patel committee report. (BS)

The RBI has decided to conduct a 21-day term repo variable rate auction for a notified amount of Rs500bn on Friday. The reversal will be on April 4. RBI also said that there will be no term repo auction on March 18 when the existing 28-day term repo of ~ Rs300bn matures. (BS)

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