The RBI reiterated that it would maintain an accommodative stance as long as necessary to revive economic growth.

RBI had said that it will make available the NEFT system on a 24x7 basis from December 2019.

The domestic currency was trading at 70.91 down 10 paise over its last close.

CPI (Consumer Price Index) retail inflation is projected at 3.1 per cent for the second quarter this fiscal.

RBI trims GDP growth forecast for current fiscal to 6.9 per cent from 7 per cent previously predicted.

Industry also expects the six-member MPC to take steps to improve liquidity situation and also ensure transmission of rate cuts.

India is now forecast to grow in the range of 6.3 per cent to 7.2 per cent each quarter through to end-March 2021.