RBI rates unchanged, keeps interest rates steady

Reserve Bank Governor Shaktikanta Das on Friday has decided to keep the repo rate unchanged at 4% for the eighth consecutive time.

Reserve Bank Governor Shaktikanta Das on Friday has decided to keep the repo rate unchanged at 4% for the eighth consecutive time. Das has also decided to continue with the accommodative stance as long as necessary to support growth.

Repo rate has been maintained at 4 per cent, and reverse repo rate at 3.35 per cent in October policy. RBI Guv said that high-frequency indicators suggested that economic activity has gained momentum. Moreover, RBI MPC has lowered the FY22 inflation forecast to 5.3 per cent from earlier estimate of 5.7 per cent.  

The statement follows the three-day review meeting of the six-member monetary policy committee (MPC), headed by governor Das which began on Wednesday. Majority of economists expected RBI’s MPC to keep the key lending rate unchanged.\

Major Points discussed in MPC meeting are:

Repo rate unchanged at 4%, reverse repo at 3.35%

FY22 inflation is 5.3 per cent from 5.7 per cent.  

RBI enhanced the IMPS transaction limit to ₹5 lakh from ₹2 lakh

RBI decided to introduce internal Ombudsman Scheme for NBFC customers

RBI pegs CPI inflation at 5.3% for the current fiscal year

Inflation figure lowered from 5.9% to 5.1%

RBI keeps real GDP projection at 9.5% 

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