Announcing the decisions taken in the meeting of RBI’s Monetary Policy Committee i.e. MPC, Das said that the country’s economic growth prospects have improved significantly and the inflation rate has come down to 6 percent. He said that inflation has returned below the 4 percent band.
Key points: –
- RBI Governor has estimated the country’s economic growth rate i.e. GDP growth rate to be 10.5 percent in 2021-22. He said that our strength was tested in 2020 and a new economic era is being created in 2021.
- Shaktikanta Das said, “Vegetable prices are expected to remain soft in the near future. Inflation has been revised in the fourth quarter of 2020-21, it is estimated to be 5.2 per cent.
- The RBI governor said, “The Reserve Bank will ensure that the government’s borrowing program from the market goes ahead without any disruption.” Also, the Reserve Bank has decided to gradually bring the cash reserve ratio of banks back to 3.5 percent by 27 March 2021.
- We firmly believe that the loss to the economy due to the Kovid-19 pandemic will be compensated in FY 2021-22: Shaktikanta Das
- RBI will issue guidelines for outsourcing digital payment system: RBI Governor
- Retail direct platform will be launched which will give retail investors direct access to G-Sec market: Shaktikanta Das
- Expert panel to be set up to strengthen primary urban co-operative banks: RBI Governor
- GDP growth projected to be 10.5% in FY 2021-22
- The MPC has decided to merge the three existing ombudsman schemes and create a centralized scheme. It will be launched in June 2021: RBI Governor
Address by Shri Shaktikanta Das, Governor, Reserve Bank of India https://t.co/Yr2FmWVd30
— ReserveBankOfIndia (@RBI) February 5, 2021