The Reserve Bank of India (RBI) on Thursday announced the sixth bi-monthly monetary policy statement for 2018-19. The three-day policy review meeting by the Monetary Policy Committee (MPC) began in Mumbai on Tuesday. 

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Following are the highlights of the 6th bi-monthly monetary policy statement of 2018-19 issued today by the Reserve Bank of India:-

- Repo rate reduced by 25 basis points, now at 6.25 from 6.5 per cent. RBI cuts benchmark lending rate by 0.25 per cent to 6.25 per cent.

- As per the RBI's statement, "On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:  reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect."

- RBI has recieved a proposal for an umbrella organisation for urban cooperative banks. RBI has decided on this positively. A decision on the specifics of the umbrella organisation proposal will be taken shortly.

- Monetary policy committee votes 4:2 in favour of rate cut, unanimous on change in stance. 

- Export growth on a year-on-year basis was almost flat in November and December 2018, primarily due to a high base effect and weak global demand

- RBI Governor says, "Headline inflation is expected to remain contained below or at its target of 4%.  This has opened space for policy action. Investment activity is recovering supported mainly by public spending on infrastructure."

- RBI Governor says,  "GDP projection for 2019-20 is 7.4%. The inflation rate is estimated at 3.2-3.4% in the first half of the year 2019-20 and 3.9% in the third quarter of 2019-20."

- RBI has decided enhancement of collateral free agriculture loan from Rs 1 lakh to Rs 1.6 lakhs. This enhancement Rs60,000 has been taken in view of the overall rise in inflation, marginal agriculture input and benefit to  small farmers.

WATCH LIVE - FULL VIDEO: Sixth Bi-Monthly Monetary Policy Press Conference 2018-2019, Thursday, February 07, 2019. Governor, Reserve Bank of India’s Press Conference.

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=46235

- FULL PDF by RBI: Liquidity Adjustment Facility: Fixed Rate Repo Operations

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=46236

- FULL PDF by RBI: Statement on Developmental and Regulatory Policies

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=46237

- Four of six members of the MPC voted to cut the rates, while all six members voted for a change in the stance.

(Developing story; it is being updated as and when updates are coming in)