On the 5th of February, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI) announced the final bi monthly reviews over monetary policies.
Mr. Das announced the policies during a media conference.
Following are the highlights of the RBI monetary policy announced by RBI Governor Shaktikanta Das on the 5th of February.
* Interest rates left unchanged for 4th time in a row;
* Short-term lending rate (repo) stands at 4 pc;
* The RBI decides to continue with accommodative stance as long as necessary.
* The RBI Guv says Indian economy is poised to move in only one direction and that is upwards;
* The RBI projects GDP growth at 10.5 pc for 2021-2022.
* RBI revises retail inflation outlook; 5.2 pc for Q4:2020-21, 5 pc in H1:2021-22 & 4.3 pc for Q3:2021-2022
* Governor Das says Union Budget has provided strong impetus for revival of sectors like health, infrastructure.
* The RBI to restore CRR to 4 pc in two phases beginning March 2021;
* The RBI proposes to provide funds from banks under TLTRO on Tap scheme to NBFCs for incremental lending;
* The RBI announces new scheme to incentivise new credit flow to Minimum Small and Micro Enterprise (MSME.)
* The RBI to set up panel to provide a medium term road map for strengthening of Primary (Urban) Co-operative Banks;
* Retail investors to get direct access to government securities market; with this India would join select countries providing such facility;
* Round-the-clock helpline for digital payment services to be set-up for grievance redressal;
* RBI will integrate all Ombudsman schemes & introduce centralised processing of grievances;
* Next meeting of the RBI Guv headed rate-setting panel MPC to take place during April 5 to 7.