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The Reserve Bank of India has announced the Sixth Bi-monthly Monetary Policy Review 2016-17 on 8th February 2017. RBI didn’t make any changes to the key policy rates, thus, maintained its status quo.
The decision of keeping the policy rates unchanged was taken by the Monetary Policy Committee (MPC) categorizing the actual macroeconomic situation of the country.
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The key policy rates got favour of 6-0 votes by Monetary Policy Committee (MPC) of RBI that made a base of taking the decision of keeping the rates unchanged. It was the third unanimous decision in a row since MPC was first set up in September 2016.
The members of MPC included Dr. Urjit Patel (RBI Governor), R Gandhi (RBI Deputy Governor), Michael Patra (RBI Executive Director), Chetan Ghate (Professor, Indian Statistical Institute), Professor Pami Dua (Director, Delhi School of Economics), and Ravindra H. Dholakia (Professor, Indian Institute of Management, Ahmedabad).
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