The government has finally appointed three economists — PMEAC member Ashima Goyal, NCAER’s Shashanka Bhide and IIM-Ahmedabad professor Jayanth Varma — as new members of the RBI’s monetary policy committee (MPC) to decide on interest rates. Read more at: http://timesofindia.indiatimes.com/articleshow/78503120.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The Reserve Bank of India Governor Shaktikanta Das announced the policy decision of the Monetary policy committee on 9th October 2020. RBI’s MPC began its three-day deliberations on Wednesday. This was the first meeting of the new MPC which was formed after the appointment of three three eminent economists – Jayant Verma, Ashima Goyal and Shashanka Bhide. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. The MPC must have a quorum of four.
The Monetary Policy Committee met on 4th, 5th and 6th August for its second meeting of 2020-21, completing four years of its operation under the new monetary policy framework. At the end of its deliberations, the MPC voted unanimously to leave the policy repo rate unchanged at 4 per cent and continue with the accommodative stance of monetary policy as long as necessary to revive growth, mitigate the impact of COVID-19, while ensuring that inflation remains within the target going forward. The Marginal Standing Facility (MSF) rate and the Bank rate remain unchanged at 4.25 per cent. The reverse repo rate stands unchanged at 3.35 per cent.
In view of the recent release of Macro Economic Data the RBI preponed the need for an off-cycle meeting of the monetary policy committee (MPC) in lieu of the scheduled meeting to be held during June 3 to 5, 2020. The MPC met on 20th, 21st and 22nd May 2020, the MPC reviewed domestic and global developments and their implications for the outlook. MPC voted unanimously for a reduction in the policy repo rate and for maintaining the accommodative stance of monetary policy as long as necessary to revive growth, mitigate the impact of COVID-19, while ensuring that inflation remains within the target. On the quantum of reduction, the MPC voted with a 5-1 majority to reduce the policy rate by 40 basis points from 4.4 per cent to 4.0 per cent. Consequently, the Marginal Standing Facility (MSF) rate and the Bank rate stand reduced to 4.25% from 4.65%. The reverse repo rate stands reduced to 3.35% from 3.75%.
A day after Modi govt began its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19.
These measures come just hours after Moody’s Investors Service cut India’s growth forecasts for 2020 calendar year to 2.5% from 5.3%. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.
RBI released the Sixth Bi-Monthly Monetary Policy leaving the Rates unchanged and giving booster dose for the growth of Economy.
RBI Monetary Policy Highlights: Future repo rate cuts not being ruled out, says Shaktikanta Das. Despite an expectation of 25 bps repo rate cut, MPC maintained status quo on repo rate at 5.15 percent and accommodative stance.
RBI has cut repo rate by a further 25 basis points. This is the fifth straight rate cut as RBI aids government in boosting economy.
Central bank has lowered GDP growth estimate from 6.9% to 6.1%
India’s Central Bank Reserve Bank of India announced on 6th August the IIIrd Bi-Monthly Monetary Policy wherein they announced an array of conventional and unconventional measures to boost slowing economic growth, including reducing the benchmark interest rate by an irregular 35 basis points (bps), its fourth rate cut this year. The Reserve Bank of India’s six-member rate-setting…
– RBI cuts repo rate for 3rd time in a row by 25 bps to 5.75%. The repo rate, which now stands at 5.75 per cent, is the lowest since July 2010. – RBI delivers another rate cut, shifts policy stance to ‘accommodative’. The Reserve Bank of India (RBI) on Thursday the 6th June 2019,…