RBI Monetary Policy statement: These are the highlights.

The Reserve Bank of India Governor Shaktikanta Das today announced the policy decision of the Monetary policy committee. RBI's MPC began its three-day deliberations on Wednesday. This is the first meeting of the new MPC which was formed after the appointment of three three eminent economists – Jayant Verma, Ashima Goyal and Shashanka Bhide.

The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. The MPC must have a quorum of four.

RBI Monetary Policy statement: These are the highlights.

• Will extend scheme for co-lending to all NBFCs, HFCs, says Guv Das.
• Reserve Bank of India stands ready to undertake further measures as necessary to assure market participants of access to liquidity and easy finance conditions: Shaktikanta Das, RBI Governor.
• Food grain production set for record highs, says Guv Das.
• Current inflation hump transient; agriculture outlook looks bright, oil prices to remain rangebound: RBI Governor Das.
• RBI to maintain comfortable liquidity position; ₹20,000 crore-OMO auction next week, says Governor Das
• 24*7*365 availability of RTGS for high value transactions from Dec 2020.
• Focus must shift from containment to revival, says Das.
• On-tap TLTRO of ₹1 lakh crore to be made available till March 2021, says Guv Das. It will be linked to repo rate.
• Real GDP to decline by 9.5% with a risk towards downward revision, says Shaktikanta Das.
• India likely to see a 3-speed recovery, says Guv Das.
• Indian economy entering into decisive phase, seeing easing of contraction in various sectors. Deep contractions of Q1 are behind us & silver linings visible in easing caseloads across India, says Guv Das.
• GDP growth may turn positive in Q4, says RBI Governor.
• RBI maintains its accommodative stance.
• RBI Governor Shaktikanta Das announced that the MPC has kept status quo on rates. Repo rate 4%. Reverse repo rate 3.35%.
• The rupee strengthened by 9 paise to close at 73.24 against the US dollar on Thursday, supported by positive domestic equities and weak American currency. At the interbank forex market, the rupee traded in a narrow range. It opened at 73.29 against the American currency and gained further ground to settle at 73.24, up 9 paise from its previous close of 73.33.
• Retail inflation in India likely rose further above the central bank's medium-term target last month as food prices climbed due to lingering supply disruptions, a Reuters poll found, reducing the chances of another interest rate cut.
• Sensex opened flat at 40,256, while Nifty at 11,863. Banks and rate sensitive stocks are in focus as RBI Governor Das will announce policy decision soon.  
• Rate Action: The MPC is likely to ensure continuity of policy.

MPC Voting Pattern: The newly inducted members are supposed to have lent a dovish tilt to the MPC.