RBI MPC: Policy repo rate unchanged at 4%, reverse repo 3.5 % BANK NEWS

The Governor of Reserve Bank of India (RBI) Shaktikanta Das said the MPC voted to maintain the repo rate at 4 percent and reverse repo rate at 3.35 percent. The accommodative policy stance will continue.

 

RBI MPC: Policy repo rate unchanged at 4%, reverse repo 3.5 %
RBI Governor Shri Shaktikanta Das while interacting with media on RBI's Monetary policy

 

New Delhi: The Governor of Reserve Bank of India (RBI) Shaktikanta Das said the MPC voted to maintain the repo rate at 4 percent and reverse repo rate at 3.35 percent. The accommodative policy stance will continue. 

The MPC also decided to continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

The MPC maintained its Gross Domestic Product (GDP) growth forecast at 10.5 percent for FY22. The Monetary Policy Committee's policy announcement comes amid elevated inflation and surge in COVID-19 infections across the country.

The Monetary Policy Committee (MPC) met on 5th, 6th and 7th April, 2021 and deliberated on current and evolving macroeconomic and financial developments, both domestic and global. The MPC voted unanimously to leave the policy repo rate unchanged at 4 per cent. It also unanimously decided to continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The marginal standing facility (MSF) rate and the bank rate remain unchanged at 4.25 per cent. The reverse repo rate stands unchanged at 3.35 per cent.

Shaktikanta Das said, "rural demand remains buoyant and record agriculture production in 2020-21 bodes well for its resilience. Urban demand has gained traction and should get a fillip with the ongoing vaccination drive. The recent surge in COVID-19 infections, however, adds uncertainty to the domestic growth outlook amidst tightening of restrictions by some state governments."



Posted Date :  07-04-21

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

ICICI to hire more bankers to push investment banking

New Delhi: India’s second-largest private lender ICICI Bank Ltd. is making its biggest hiring push in investment banking and institutional equities in four years, as it anticipates a rise in companies going public. The Mumbai-based firm plans to add five mid-to-senior level hires in each
Posted Date :  20-04-21

Read more

SBI puts NPA Account MSP Metallics Ltd for sale

New Delhi: SBI has put up for sale non-performing asset (NPA) account MSP Metallics Ltd against which a total of 10 banks have a collective loan outstanding of over Rs 1,493 crore. State Bank of India (SBI) has the highest share of lending (37.19 percent) to MSP Metallics amounting to Rs 555.51 cror
Posted Date :  17-04-21

Read more

RBI set up Regulations Review Authority 2.0

New Delhi: The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999, for reviewing the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions. The recommendations of th
Posted Date :  15-04-21

Read more

4.04 crores stolen from Axis Bank, Chandigarh branch

New Delhi: A security guard working at Axis Bank branch in Sector 34A of Chandigarh allegedly ran away with Rs 4.04 crores in cash, the police said on Sunday.   "The bank has informed at about 5.30 pm that cash Rs 4.04 crores are missing from the branch and they have full doubt
Posted Date :  13-04-21

Read more

RTGS service will not be available on April 18

New Delhi: Reserve Bank of India on 12 April issues a notice to mention that due to a technical upgrade of RTGS, the services related to it will be closed on April 18, 2021.   The up-gradation is targeted to enhance the resilience and to further improve the Disaster Recovery Time of the R
Posted Date :  12-04-21

Read more

RBI governor meets with MD & CEOs of Public Sector Banks

New Delhi: Shri ShaktiKanta Das, Governor of Reserve Bank of India (RBI) held meetings with the MD/CEOs of Public Sector Banks and select Private Sector Banks on April 12, 2021, through video conference. The meetings were attended by Deputy Governors Shri M. K. Jain, Shri M. Rajeswar Rao,
Posted Date :  12-04-21

Read more