RBI Governor Shaktikanta Das in image
RBI has cut the repo rate by an aggregate of 115 premise focuses (bps) since March 2020 to mollify the blow from the Covid pandemic.
The Reserve Bank of India (RBI) kept its necessary arrangement rates unaltered on Friday, for the 6th continuous time and at record lows, as it proceeded with its "accommodative stance to revive and sustain growth on sustainable basis".
"The Monetary Policy Committee (MPC) voted to maintain status quo ie repo rate remains unchanged at 4 per cent. MCC also decided to continue with accommodative stance as long as necessary to revive and sustain growth on durable basis and to mitigate impact of Covid on economy," RBI governor Shaktikanta Das said in Mumbai after MPC's three-day meeting.
RBI additionally held the converse repo rate, the acquiring rate, unaltered at 3.35 per cent, Das added. The Marginal Standing Facility (MSF) rate and bank rates were additionally kept unaltered at 4.25 per cent, likewise said.
RBI has cut the repo rate by a sum of 115 premise focuses (bps) since March 2020 to mollify the blow from the Covid pandemic. MPC, which is the RBI's rate-setting board, started its three-day considerations on the money related approach on June 1.
Shaktikanta Das said RBI had cut the financial development figure for current monetary policy to 9.5 per cent from the past 10.5 per cent.
The RBI's annual report, released last month, said that "the conduct of monetary policy in 2021-22 would be guided by evolving macroeconomic conditions, with a bias to remain supportive of growth till it gains traction on a durable basis while ensuring that inflation remains within the target".
Source: Hindustan Times
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