RBI policy outcome expected but what brought bank stocks under pressure?

RBI mandated banks to maintain the ICRR at 10% of the net demand and time liabilities (NDTL) between May 19 and July 28. The Monetary Policy Committee (MPC) of the RBI led by Governor Shaktikanta Das today kept the repo rate unchanged at 6.5% while increasing the inflation estimates for FY24 to 5.4% from an earlier estimate of 5.10%.

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