New Delhi:
The Reserve Bank of India has kept the repo rate unchanged at 4 per cent while maintaining an accommodative stance.
This is the seventh time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo.
The RBI last revised its policy rate on May 22, 2020 in an off-policy cycle to boost demand by cutting interest rates historically.
Consequently, the reverse repo rate will also continue to earn 3.35 per cent. RBI Governor Shaktikanta Das on Friday announced that the RBI has capped the reverse repo rate for banks at 3.35 per cent for their deposits with the RBI.
Elaborating on RBI’s bi-monthly monetary policy review, RBI Governor said, “Economic activity has developed broadly in line with the Monetary Policy Committee’s expectations in June and the economy is recovering from the second phase of COVID-19 shock. Is. ”
As reported by PTI, Das said the MPC voted unanimously to keep the interest rate unchanged and continue its accommodative stance for as long as is necessary to support growth and keep inflation within the target. decided to continue.
He further said that the forecast for real Gross Domestic Product (GDP) growth for 2021-22 has been retained at 9.5 per cent. CPI inflation is projected to be 5.7 per cent during 2021-22 – 5.9 per cent in Q2, 5.3 per cent in Q3 and 5.8 per cent in Q4 of 2021-22 with a broadly balanced risk. CPI inflation for the first quarter of 2022-23 is estimated at 5.1 per cent.
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