update

Raghuram Rajan meets finance minister Arun Jaitley.

1. RBI governor Raghuram Rajan met finance minister Arun Jaitley. 
2. The RBI is scheduled to announce its third bimonthly Monetary Policy Review on August 5.
3. The BSE benchmark index Sensex plummeted by 414.13 points to end the day at 25,480.84 points. There is a widespread expectation that the RBI is likely to maintain status quo in the policy review. 
4. Wholesale Price Index (WPI) based inflation in June fell to 5.43% after rising to a five-month high in the previous month.
6. In its last policy review in June, the RBI had kept the repo rate--at which it lends to the banks-- unchanged at 8 per cent.