Meanwhile, the S&P BSE Sensex was down 299.20 points, or 0.83% to 35,835.11. The BSE Bankex was down 1.05% at 29,584.71.

Among private sector banks, IndusInd Bank (down 1.9%), Yes Bank (down 1.87%), Federal Bank (down 1.65%), ICICI Bank (down 1.51%), Kotak Mahindra Bank (down 1.23%), Axis Bank (down 0.76%) and RBL Bank (down 0.52%), edged lower. HDFC Bank (up 0.01%) and City Union Bank (up 1.88%), edged higher.

Among public sector banks, Allahabad Bank (down 3.7%), Union Bank of India (down 3.42%), Bank of India (down 3.04%), Syndicate Bank (down 3.03%), UCO Bank (down 2.45%), Indian Bank (down 2.24%), United Bank of India (down 1.62%), Punjab National Bank (down 1.51%), Bank of Baroda (down 1.3%), State Bank of India (down 1.17%), Canara Bank (down 1.02%), Punjab & Sind Bank (down 0.71%), Dena Bank (down 0.64%) and Central Bank of India (down 0.52%), edged lower. Corporation Bank (up 0.19%), Vijaya Bank (up 0.84%) and IDBI Bank (up 1.25%), edged higher.

The Reserve Bank of India (RBI) unveiled the resolution of the monetary policy committee (MPC) at the end of fifth bi-monthly monetary policy meeting, 2018-2019.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, MPC decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5%.

Consequently, the reverse repo rate under the LAF remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The decision of the MPC is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.