11.8 C
New York
Wednesday, November 25, 2020
Home Stories Highlights of RBI's monetary policy statement

Highlights of RBI’s monetary policy statement

Following are the highlights of RBI Governor Shaktikanta Das’ statement and resolution of the Monetary Policy Committee (MPC):

* Benchmark lending rate kept unchanged at 4 pc

* Indian economy expected to contract 9.5 pc this fiscal with downside risks

* Contraction 9.8 per cent projected in July-September; 5.6 pc in October-December and rebound in growth at 0.5 per cent in March quarter

* GDP growth for April-June quarter 2021-22 fiscal projected at 20.6 pc

* Accommodative monetary policy stance maintained to support growth

* Indian economy entering into decisive phase in fight against coronavirus, focus must shift from containment to reviving economy

* Contraction in economic growth of Q1 behind; silver linings are visible in the flattening of the active caseload curve across the country

* GDP growth may break out of contraction and enter positive zone by March quarter of current fiscal

* Inflation to remain elevated in September quarter, but ease gradually towards the target over December and March quarters

* Retail inflation projected at 6.8 per cent for September quarter

* Current inflation hump transient; agriculture outlook looks bright, oil prices to remain rangebound

* RTGS fund transfer system for real-time fund transfer to become 24X7 from December

* Threshold for aggregate exposure of retail bank loans to one counterparty increased to Rs 7.5 crore from Rs 5 crore

* System-based automatic caution-listing for exporters discontinued to help them negotiate better terms with overseas buyers

* Comfortable liquidity position to be maintained; Rs 20,000 crore-OMO auction next week

* On-tap targeted long-term repo operations (TLTRO) to be conducted, with tenors of up to three years for Rs 1 lakh crore at a floating rate linked to the policy repo rate up to March 31, 2021

* All MPC members vote for keeping the policy repo rate unchanged and continue with the accommodative stance.

- Advertisment -

Most Popular

Trade unions to go on nationwide strike on Thursday

Central trade unions will go on a nationwide strike on Thursday and expects participation of over 25 crore workers to protest against various policies...

“Nivar” Is Going To Turn Into “Monster” Cyclone! The Government Announces Public Holidays

Cyclone Nivar, the slow-moving cyclone storm over the tepid waters of the Bay of Bengal, is turning into a monster. On Wednesday evening, "Cyclone Nivar"...

Why Companies Like White Hat JR Deserve To Be Banned & Scrapped Out Of Indian Startup Eco-system

The recent controversy that has erupted between WhiteHat Jr, founder Karan Bajaj, Pradeep Poonia, and Aniruddha Malpani, both of whom have been strong critics...

Punjab farmers start assembling near Haryana borders

Punjab farmers have started assembling near Haryana borders with tractor-trailers for their proposed march to Delhi against the Centre's agriculture-related laws. The Haryana authorities too...

Recent Comments

%d bloggers like this: