RBI Credit Policy LIVE: Reserve Bank did not change interest rates for the 7th time in a row
The Reserve Bank of India has not made any change in interest rates for the 7th consecutive time. In view of the fear of third wave of Covid-19 epidemic and the threat of increase in retail inflation, interest rates have been kept unchanged.
RBI Credit Policy LIVE: Reserve Bank of India has not changed interest rates for the 7th time in a row. In view of the fear of third wave of Covid-19 epidemic and the threat of increase in retail inflation, interest rates have been kept unchanged. The Reserve Bank has once again retained the repo rate at 4 percent and the reverse repo rate at 3.35 percent. RBI has also maintained its accommodative stance. Bank rate and MSF rate have also not been changed.
The Reserve Bank Governor said that the threat of Corona is not averted yet. Vaccination is expected to accelerate growth. Shaktikanta Das said that we cannot be careless, we have to be ready for the third wave. He said that the inflation rate has been high in June. RBI has kept the stance accommodative, on which it has been agreed at 5:1 in the MPC.
Rising retail inflation has taken us all by surprise in May, although the increase in prices has not been much. Demand is improving, but still weak. We have to take necessary steps to maintain the supply-demand balance.
The Reserve Bank has retained GDP growth for the fiscal year 2022 at 9.5%. Whereas the target of GDP growth for the financial year 2023 is 17.2%. October-December GDP growth has been 6.3%, January-March GDP growth has been 6.1%. The Reserve Bank Governor said that due to the inflation of the past days, the concern has increased, but it is not going to last for long. RBI has increased the estimate of the Consumer Price Index for the financial year 2022 from 5.1% to 5.7%.
