Reserve Bank Governor Shaktikanta Das-led Monetary Policy Committee (MPC) on Friday announced its policy decision at the end of the 3-day bi-monthly review meeting. The monetary policy committee maintained status quo on key policy rates and in its future stance to support growth and tackle inflation.
Here are the major announcements by RBI governor Shaktikanta Das:
– The RBI’s inflation forecast for the current financial year was lowered to 5.3 per cent vs 5.7 per cent earlier. For the second quarter of the current financial year, it has been lowered to 5.1 per cent vs 5.9 per cent earlier. Third quarter forecast has been lowered to 4.5 per cent. For the last quarter its has been retained at 5.8 per cent. For the next financial year’s first quarter, it has been pegged at 5.2 per cent.
– Projection for real GDP growth is at 9.5 per cent for the ongoing financial year. Das said the central banks sees Q2FY22 GDP growth at 7.9 percent, Q1FY23 GDP growth at 17.1 percent and Q4FY22 GDP growth at 6.1 percent.
– Das-led MPC maintained status quo on the repo and the reverse repo rate in order to support growth and tackle inflation. It kept the repo rate unchanged at 4 per cent and reverse repo rate untouched at 3.35 per cent.
– Das announced a new scheme on retail digital payments solutions in the offline mode.
– The Governor also announced that Marginal Standing Facility (MSF) has been unchanged at 4.25 percent. He added that the July-September CPI inflation was “lower than anticipated”.
– RBI stops G-SAP bond buys, Governor Das said that need for undertaking further G-SAP operations does not arise. It will, however, continue to conduct open market operations as needed.
– All new payment acceptance infrastructure, including PoS machines and QR codes, to be geo-tagged
-Ceiling for transactions via IMPS has been raised from Rs 2 lakh to Rs 5 lakh.
– SLTR auctions for small finance banks will continue beyond the original deadline of October 2021 to December 2021.
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Source: News18