Tuesday, May 17, 2022

RBI announces Bi-monthly policy, Maintains status quo in policy rates

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Bi-monthly policy The Reserve Bank of India today maintained status quo in policy rates as the Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate at 4% to keep the stance accommodative.

While announcing the Bi-monthly policy RBI Governor Shaktikant Das said, MSF rate and bank rate will remain unchanged at 4.25%.

Reverse repo rate will also remain unchanged at 3.35%. Shaktikant Das said that MPC has voted 5-1 to continue accommodative monetary policy stance as long as necessary to revive and sustain growth and mitigate impact of #COVID19 on the economy, while ensuring inflation remains within target.

Speaking about the GDP growth , RBI governor said, Not with standing a highly transmissible third wave driven by the Omicron variant of COVID-19, India is charting a different course of recovery from the rest of the world.

It is poised to grow fastest among the major economies, as per the projections made by the IMF. This recovery is supported by large scale vaccination & sustained fiscal & monetary support.

He said that the focus is on securing the economic and financial conditions of the vulnerable, the wage earners and all those who suffer the most. Accordingly, the emphasis is shifting to targeted containment strategies and a push towards universal vaccination and booster doses.


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