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Monetary policy highlights: Growth not at pre-pandemic level yet, says RBI

RBI Monetary policy highlights: RBI announcement comes against the backdrop of Covid-19 infections receding in recent days and the economy stablising. Stay tuned for all the LIVE updates

BS Web Team New Delhi
rbi governor, shaktikanta das
RBI governor Shaktikanta Das

1 min read Last Updated : Oct 08 2021 | 1:13 PM IST

Key Events

12:44 PM

Conscious of our commitment to growth, and of our role as an inflation targeting mandate, says RBI guv

Conscious of our commitment to growth, and of our role as an inflation targeting mandate, says RBI guv

12:34 PM

RBI Monetary policy LIVE updates: Rajeshwar Rao, RBI DG

"We have addressed the issue of climate risk internally We are joining various working group set up under NGFS NGFS is Network of Central Banks and Supervisors for Greening the Financial System".

12:29 PM

RBI Monetary policy LIVE updates: Shaktikanta Das, RBI Gov responds to media questions

"Govt is discussing with authorities, index providers to clarify issues on global bond inclusion. Talks in advance stage; hopeful global bond index inclusion should happen in the next few months."

12:28 PM

RBI Monetary policy LIVE updates: Michael Patra, RBI DG responds to media questions

"Will wait to see recovery getting strongly entrenched RBI has all the adequate instruments; issue is of timing and calibration."
 

12:14 PM

Enough liquidity will be made available to support growth, financial markets, says Guv Shaktikanta Das

Enough liquidity will be made available to support growth, financial markets, says Guv Shaktikanta Das

12:07 PM

RBI Monetary policy LIVE: Guv Shaktikanta Das presser begins

RBI Monetary policy LIVE: Guv Shaktikanta Das presser begins

12:03 PM

RBI Monetary policy LIVE updates: Guv Shaktikanta Das' interaction with media to begin shortly

RBI Monetary policy LIVE updates: Guv Shaktikanta Das' interaction with media to begin shortly

11:52 AM

RBI has just about started a gradual liquidity reversal process, writes Madan Sabnavis

The Reserve Bank of India (RBI) has not really gotten in any surprise on the rates front, which is good for the market. The unchanged stance on repo and reverse repo rate does assuage the market. Given that other macroeconomic expectations are largely balanced with inflation to move downwards, it can be expected that there will be no change in the repo rate for the rest of the financial year.

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10:56 AM

RBI Monetary policy LIVE updates: Internal Ombudsman for NBFCs

With a view to further strengthening the internal grievance redress mechanism of NBFCs, it has been decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs having higher customer interface.

10:40 AM

RBI Monetary policy LIVE updates: Guv ends his address

He closed his speech by quoting Mahatma Gandhi to say: "To lose patience is to lose the battle."

10:40 AM

LIVE: RBI Guv says we don't want to rock the boat when the shore is near as there's journey beyond the shores

In explaining the central bank's liquidity stance, Das said: "We don't want to rock the boat when the shore is near as there is a journey beyond the shores." 

10:38 AM

All new payment acceptance infrastructure, including PoS machines and QR codes, to be geo-tagged

10:33 AM

IMPS per transaction cap raised from Rs 2 lakh to Rs 5 lakh

10:33 AM

SLTR auctions for small finance banks to continue beyond the original deadline of OcT 2021 to Dec 2021

SLTR auctions for small finance banks to continue beyond the original deadline of October 2021 to December 2021

10:32 AM

RBI Monetary policy LIVE updates: A calendar for fortnightly VRRRs has been announced

Rs 4 trillion on October 8 
Rs 4.5 trillion on October 24 
Rs 5 trillion on November 3 
Rs 5.5 trillion on November 18 
Rs 6 trillion on December 3
 

The Reserve Bank of India's (RBI's) six-member monetary policy committee (MPC), headed by Governor Shaktikanta Das, kept the key lending rate — repo rate unchanged at 4 per cent for the eighth time in a row. Reverse repo rate remained unchanged at 3.5 per cent. The central bank retained FY22 GDP growth forecast at 9.5 per cent.

The MPC voted 5-1 to retain the accommodative stance as long as necessary to sustain growth on a durable basis, while ensuring that inflation remains within the target, RBI Governor Shaktikanta Das said on Friday.

Key highlights from RBI governor Shaktikanta Das' address:

— RBI will maintain accomodative stance

— Repo rate, reverse repo rate maintained at 4% and 3.35% respectively

— RBI Stops G-SAP Operations

It will, however, continue to conduct open market operations as needed.

— RBI has stepped up the pace of variable rate reverse repo auctions.

— The RBI has maintained the FY22 GDP growth forecast at 9.5%.

— CPI inflation is projected at 5.3% for the current fiscal year.

— Internal Ombudsman for NBFCs

Stay tuned for RBI Monetary policy LIVE updates

Topics :Reverse Repo RateBank RateInflationCash Reserve RatioRBI monetary policyRBIShaktikanta Das

First Published: Oct 08 2021 | 7:30 AM IST