New Delhi: Reserve Bank of India today announced its monetary policy. RBI Governor Shaktikanta Das on Friday announced that benchmark interest rate remains unchanged at 4 per cent. The reverse repo rate has also been kept unchanged, Das said while announcing the bi-monthly monetary policy review. This is the seventh time in a row that the Monetary Policy Committee (MPC) has maintained status quo.Also Read - Home Loan Interest Rate: What RBI Monetary Policy Announcements Mean For Buyers
RBI Monetary Policy Today, RBI Governor Speech Highlights
- RBI has retained its estimate for GDP growth for the current fiscal at 9.5 per cent, said Das.
- Reserve Bank of India today kept repo rate unchanged at 4 per cent, and maintained accommodative stance.
- RBI kept reverse repo rate at 3.35 per cent.
- Marginal Standing Facility Rate & Bank Rate has been fixed at 4.25 per cent.
- RBI Governor said that Real GDP Growth for the ongoing financial year seen at 21.4 per cent in Q1, 7.3 in Q2, 6.3 per cent in Q3, and 6.1 per cent in Q4.
- RBI has increased CPI inflation estimate for Fiscal 2021-2022 to 5.7 per cent from 5.1 per cent.
- In its CPI inflation break up, RBI has stated 5.9 per cent in Q2, 5.3 per cent in Q3 and 5.8 per cent in Q4 of 2021-22 with risks broadly balanced.
- RBI Governor Shaktikanta Das has said CPI inflation for the first quarter of FY 2022-23 is projected at 5.1 per cent.
- “We are in a much better position as compared to June 2021. But we need to remain vigilant on possibility of a third wave of Covid-19,” RBI Governor said.
- “Economic activity has broadly evolved along the lines of the Monetary Policy Committee’s expectations in June and the economy is recovering from the setback of the second phase of COVID19,” the RBI Governor said.
Reserve Bank Of India Monetary Policy in 2021
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- RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
- Earlier, RBI lowered its estimate for economic growth to 9.5 per cent for the current fiscal from earlier projection of 10.5 per cent due to the impact of the second COVID wave, as per PTI report.
- Back in June 2021, India’s central bank decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance.
- In June, MPC had decided to maintain status quo, that is keeping benchmark repurchase (repo) rate at 4 per cent.
- The reverse repo rate was fixed at 3.35 per cent for banks for their deposits kept with RBI.
- Das had said MPC voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.