Reserve Bank of India Lowers Policy Interest Rates; Indian Banks Generally Fairly Valued
The Reserve Bank of India has lowered the policy interest rate to 6.25% from 6.5%. This was the first decision made under the new regime of voting by a six-member Monetary Policy Committee, with newly promoted governor Urjit Patel deciding on a deadlock for an even vote. RBI noted that inflation is under control, as the consumer price index increased 5% in August, versus 6% in July. This is within RBI's earlier-mentioned inflation target of 4%, with a range above or below of 2%. The declining in...
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