RBI – BI MONTHLY POLICY

RBI

The Reserve Bank of India (RBI) on Friday said that the monetary policy review has decided to continue with an accommodative stance of monetary policy to maintain status quo on key policy rates. This will continue as long as necessary at least through the current financial  year and into next year to revive growth and mitigate the impact of Covid 19. The repo rate is kept unchanged at 4 percent and the reverse repo rate at 3.35 percent.

The RBI governor Shaktikant Das said that the GDP growth is projected at 10.5 percent in the Financial Year 2021-22. He said projection of CPI inflation has been revised to 5.2 percent for the fourth quarter of the current financial year. 

RBI Governor Shaktikant Das said the government and the RBI have discussed the idea of a bad bank and will examine the formal proposal on the ARC once it is made. He expressed his views about the Asset Reconstruction Company proposed by the Centre during the budget for 2021-22. He said that the bank is making its own assessment of the true state of NPAs in each bank and expressed confidence of managing the borrowing program in a non-disruptive manner.

Speaking about the retail participation in government securities he said that,as part of continuing efforts to increase retail participation in government securities and to improve ease of access, it has been decided to move beyond aggregator model and provide retail investors online access to the government securities market – both primary and secondary – along with the facility to open their gilt securities account with the RBI. He added that direct retail participation in the bond market is a major structural reform and it is endeavour to make the G-sec market accessible.

 

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