Monetary policy committee of the rbi, Bank

The Reserve Bank of India (RBI) maintained a status quo on key rates, keeping the repo rate unchanged, in its bi-monthly policy review announced on Wednesday."MPC voted unanimously to maintain status quo with regard to the policy repo rate and by a majority of 5 to 1 to retain the accommodative policy stance. Consequently, the policy repo rate remains unchanged at 4 per cent, and the stance remains accommodative as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy," Reserve Bank of India Governor Shaktikanta Das informed on Wednesday.In the last policy review in October, the RBI had kept the key lending rates unchanged for eight consecutive times. The repo rate, at which the RBI lends short-term funds to banks, was kept unchanged at 4 per cent. The reverse repo rate, at which the RBI borrows from banks, was kept unchanged at 3.35 per cent. The Marginal Standing Facility (MSF) rate was also kept unchanged at 4.25 per cent.The last time the RBI changed the policy rate was in May 2020. The central bank had slashed the key policy rates in May 2020 to historic lows to support the economy hit by the Covid-19 pandemic. Since then the RBI has maintained the status quo.However, during this period the Indian economy has been on a roller coaster. During April-June 2020 quarter, a period when the RBI last changed policy rates, India's GDP slumped by 24.4 per cent. The economy posted a growth of 20.1 per cent during April-June 2021 quarter. The GDP posted a growth of 8.4 per cent in July-September 2021 quarter as against a contraction of 7.4 per cent in the year-ago period.There has been a wide fluctuation in inflation also. However, the RBI has maintained a 'wait and watch" approach as these fluctuations have been guided by factors largely beyond its control.COVID-19 new strain Omicron, first identified by South African scientists, is seen as the next big potential source of uncertainties for India's economy. The World Health Organisation (WHO) has officially named the new Covid-19 variant B.1.1.529. As per the WHO, the first known confirmed case of the new variant was from a sample collected on November 9 this year. Omicron cases have been spreading fast in India. More than 20 cases have been reported in the last one week.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Monetary Policy Committee Of The RbiFOLLOW

Monetary policy committee of the rbi, Latest News

Union Minister of Commerce and Industry Piyush Goyal on Sunday said that the Central government has increased the bank deposit insurance cover, in case of problems occurring such as closure, from Rs 1 lakh to Rs 5 lakh. The amount has to be refunded ...

Shaktikanta Das has become the first Reserve Bank of India (RBI) Governor to get a second term since Narendra Modi-led government came into power in 2014. ...

Mumbai, Dec 10 India's foreign exchange reserves fell by $1.783 billion during the week ended December 3. The ... ...

New Delhi, Dec 10 The Reserve Bank of India on Friday made the 'Legal Entity Identifier' mandatory for ... ...

The country's largest insurer Life Insurance Corporation of India (LIC) has got approval from the Reserve Bank of India (RBI) to raise its holding in private lender IndusInd Bank to 9.99 per cent from the existing 4.95 per cent. ...

The estate industry lauded the Reserve Bank of India's (RBI) decision to keep the interest rates unchanged for the ninth consecutive time. ...

Bank unions staged a dharna outside the Reserve Bank of India demanding the Centre to scrap the Banking Laws Amendment Bill 2021. ...

The Reserve Bank of India (RBI) maintained a status quo on key rates, keeping the repo rate unchanged, in its bi-monthly policy review announced on Wednesday. ...