RBI Monetary Policy:
The Governor of the Reserve Bank of India, the country's central bank, Shaktikanta Das has announced the decisions of the bi-monthly monetary policy committee meeting. RBI has increased the repo rate by 0.50 basis points and increased it to 5.40 percent. This means that your EMI is going to increase significantly due to this.
What is the estimate about GDP growth, inflation
Reserve Bank Governor Shaktikanta Das said that in the financial year 2023, the country's economic growth rate (GDP) is estimated to remain unchanged at 7.2 percent. At the same time, the estimate of retail inflation for the financial year 2023 has been retained at 6.7 percent.
Know other policy rates
Shaktikanta Das said that many institutions from IMF to IMF have predicted the rapid growth of our economy and it will grow at the fastest pace. In addition to the repo rate, the RBI has increased the SDF from 4.65 percent to 5.15 percent. Apart from this, the Marginal Standing Facility Rate (MSF) has been increased from 5.15 per cent to 5.65 per cent.
What did the RBI say on the depreciation of the rupee?
The RBI governor said that the main reason behind the fall in the Indian rupee is the continuous strengthening of the US dollar. However, the depreciation of rupee is comparatively less compared to other global currency. Due to the policies of RBI, the fall in rupee has been restrained. India has the fourth largest foreign exchange reserves and in the first quarter, the country has received FDI investment of $ 1,360 million.
Pressure on Indian economy too - RBI Governor
At this time, the pressure on globalization and global economy is clearly visible. The impact of the changing scenario of the global economy is also being seen on emerging markets. The Indian economy is also not untouched by the changing conditions of the global economy and concerns about inflation in the country remain. The effect of the change in the country's export and import data is expected to remain within the prescribed limit of the current account deficit.
What is Repo Rate and Reverse Repo Rate
Repo rate is the rate at which loans are given to banks by RBI and banks give loans to customers from this loan. Reverse repo rate is the rate at which banks get interest from RBI on deposits. The increase in the repo rate means that many types of loans from the bank will become expensive.
what is mpc
The decision on the repo rate and reverse repo rate is taken only in the three-day meeting of the Monetary Policy Committee ie MPC. The MPC of the Reserve Bank consists of 6 members, out of which 3 members are representatives of the government. The remaining 3 members represent the Reserve Bank of India, including the RBI governor.
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RBI Monetary Policy