RBI policy review LIVE: Inflation forecast for FY23 remains unchanged

RBI Monetary Policy Live update: This would be the fourth hike in the policy repo rate by the Reserve Bank of India, which is currently at 5.4%

The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced a 50 basis points (bps) hike in the repo rate to 5.90 per cent on Friday in order to bring elevated inflation back to its target.

CPI inflation for the current financial year is seen at 6.7 per cent, with the price gauge seen at 7.1 per cent in July-September, 6.5 per cent in October-December and 5.8 per cent in January-March. CPI inflation is seen at 5 per cent in the first quarter of the next financial year.

GDP growth in July-September is seen at 6.4 per cent, and that for October-December is seen at 4.6 per cent. The growth in January-March is seen at 4.6 per cent and that for the first quarter of the next financial year is seen at 7.2 per cent.

11:12 AM

RBI Monetary Policy LIVE: Criteria for RRBs to provide internet banking to be revised

Regional Rural Banks (RRBs) are currently allowed to provide Internet banking facility to their customers, subject to fulfilment of certain criteria. Keeping in view the need to promote the spread of digital banking in rural areas, these criteria are being rationalised. The revised guidelines will be issued separately: Das

11:09 AM

RBI Monetary Policy LIVE: Forex reserve at $537.5 bn as on Sep 23

India’s foreign exchange reserve at US$ 537.5 billion as on September 23, 2022 compares favourably with most peer economies: Das

11:07 AM

RBI Monetary Policy LIVE: Net FDI improved to $18.9 bn in April-July 2022 from $13.1 bn a year ago

Net foreign direct investment (FDI) improved to $18.9 billion in April-July 2022 from $13.1 billion a year ago. Foreign portfolio investors (FPIs) have returned to the domestic market with net inflow of US$ 7.5 billion during July-September after an outflow for nine consecutive months: Das

11:05 AM

RBI Monetary Policy LIVE: Business sentiment strengthened to its highest in six years

Business sentiment, as reflected in the manufacturing PMI, strengthened with the degree of optimism at its highest in six years: Guv Das

11:03 AM

RBI Monetary Policy LIVE: PMI manufacturing indicates sustained expansion at 56.2 in August

India’s manufacturing purchasing managers index (PMI), however, indicates sustained expansion at 56.2 in August: Guv Das

11:03 AM

RBI Monetary Policy LIVE: IIP growth (y-o-y) slipped to 2.4% in July

Industrial activity, reflected in the growth of index of industrial production (IIP) (y-o-y), slipped to 2.4 per cent in July: Guv Das

 

10:57 AM

RBI Monetary Policy LIVE: Production of kharif foodgrains as per the first advance estimate is only 0.4% below

The production of kharif foodgrains as per the first advance estimate is only 0.4 per cent below the first advance estimate of last year: Guv Das

10:55 AM

RBI Monetary Policy LIVE: The monsoon rainfall was 7% above LPA, says Das

The monsoon rainfall was 7 per cent above the long period average (LPA) as on September 29. Kharif sowing was 1.7 per cent above the normal sown area as on September 23. 

 

10:31 AM

RBI Monetary Policy LIVE: Rupee depreciated by 4% since April vs 14% $ appreciation, says Das

Indian Rupee has depreciated by 4% since April vs 14% $ appreciation: Guv Das

10:20 AM

RBI Monetary Policy LIVE: Inflation forecast retained at 6.7%

RBI retained the inflation forecast to 6.7% in MPC review

10:19 AM

RBI Monetary Policy LIVE: 2022-23 real GDP forecast slashed to 7%

RBI slashed the 2022-23 real GDP forecast to 7.0 per cent vs 7.2 per cent forecast in August.

10:05 AM

RBI Monetary Policy LIVE: Repo rate up by 50 bps to 5.9 per cent

Repo rate up by 50 bps to 5.9 per cent

10:04 AM

RBI Monetary Policy LIVE: The financial markets are nervous

The financial markets are nervous, but the India economy remains resillient: Das

10:03 AM

RBI Monetary Policy review LIVE: Now we are in the middle of third shock wave

Now we are in the middle of third shock wave of central banks raising the rates: Guv Das

9:57 AM

RBI Monetary Policy review LIVE: Address to start soon

Address by Governor Shaktikanta Das to begin shortly