New Delhi: The Reserve Bank of India’s (RBI’s) six-member monetary policy committee, headed by Governor Shaktikanta Das, on Friday kept the benchmark interest rate unchanged amid coronavirus uncertainty and fears over inflation. The repo rate (lending rate) will continue at 4.00% and reverse repo rate (RBI’s borrowing rate) at 3.35%. With this, the repo rate has remained unchanged for a sixth consecutive time.
RBI revised FY22 real GDP growth projection to 9.5% — 18.5% in Q1, 7.9% in Q2, 7.2% in Q3 and 6.6% in Q4.
The projection for CPI-based inflation in FY22 is 5.1% — 5.2% in Q1, 5.4% in Q2, 4.7% in Q3 and 5.3% in Q4.
RBI Policy highlights:
- Special liquidity facility of Rs 16,000 cr extended to Sidbi to support MSMEs.
- Banks to be allowed to restructure loans up to Rs 50 crore.
- RBI to conduct G-SAP of Rs 1.2 trillion in Q2.
- NACH facility to be available on all days of the week from August 1.
- Repo rate unchanged at 4%.
- ‘Accommodative’ stance retained.
- FY22 DGP forecast cut to 9.5% from 10.55.
- CPI inflation seen at 5.1% in FY22.
- RBI creates liquidity window of Rs 15,000 crore to help hotels, tourism.