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RBI MPC meet LIVE: No difference between paper currency and CBDC, says Das

Catch all the latest updates on the RBI's bi-monthly monetary policy announcement today

BS Web Team New Delhi
RBI Governor Shaktikanta Das

2 min read Last Updated : Dec 07 2022 | 2:08 PM IST

Key Events

1:03 PM

Don't look at Fed's decision and then take our decision: RBI governor

Talking about the RBI rate hikes being in line with the Fed's rate increase, RBI Governor Das said, "The US Fed’s terminal rate is important for the whole world. But our policies are primarily determined by domestic factors. We don’t look at the Fed’s decision and then take our decision."
 

1:01 PM

No difference between paper currency and CBDC: RBI Guv Das

RBI Governor Shaktikanta Das said that there is not difference between paper currency and the central bank's digital currency, CBDC. However, while answering a question where CBDC will made mandatory as a form of payments at shops, Das said that the trial of CBDC is currently restricted to a close user group.

12:54 PM

Worst of inflation behind us: RBI Guv Das

In post-monetary policy press conference, RBI Governor Shaktikanta Das said that the worst of inflation is behind us and adds, "While inflation is moderating, but there is no room for complacency. We have to be watchful and nimble in our actions."
 

12:39 PM

Nations looking up to India to play a larger role: RBI Governor Das

"G20 presidency is a big opportunity for India to play a bigger role in the international arena. We will participate in the discussions in the finance track. Government has already set out the agenda for the finance track separately," says RBI Governor Shaktikanta Das.
He adds, "There is a lot of expectation from many countries. They are looking up to India to play a larger role in many aspects, whether it is the innovations in fintech and digital payments or in several other areas."

11:25 AM

RBI introduces single-block-and-multiple debits functionality in UPI

In a bid to enhance the capabilities of the Unified Payments Interface (UPI), the Reserve Bank of India (RBI) introduced the functionality of a single-block-and-multiple debit in the payment system In this system, a customer can enable a payment mandate against a merchant by blocking funds in the bank account for specific purposes which can be debited, whenever needed.
According to RBI, this will significantly enhance the ease of making payments in e-commerce space and towards investments in securities.
 

10:52 AM

Forex reserves stand at $561.2 billion as on Dec 2: RBI Gov Das

Forex reserves stand at $561.2 billion as on December 2. The size of our forex reserves is comfortable and has increased, says Reserve Bank of India Governor Shaktikanta Das

10:48 AM

MPC meet: RBI's Standing Deposit Facility rate at 6%

The RBI's Standing Deposit Facility rate – which represents the floor of the interest rate corridor, is now 35 bps higher at 6 per cent. The Marginal Standing Facility rate, which is the upper band of the interest rate corridor, has also been increased by 35 bps to 6.50 per cent.
 

10:31 AM

CPI inflation forecast for FY23 retained at 6.7%, says RBI governor

The policy committee raised the CPI inflation forecast for October-December 2022 to 6.6% from 6.5%, while for January-March 2023, it has been raised to 5.9% from 5.8%. Das said the CPI inflation forecast for April-June 2023 has been retained at 5.0% while it is seen at 5.4% in July-September 2023.
Meanwhile, the CPI inflation forecast for FY23 has been retained at 6.7%
 

10:28 AM

RBI MPC lowers GDP growth forecast for October-December 2022 to 4.4%

The RBI MPC lowered the GDP growth forecast for October-December 2022 to 4.4%, while for January-March 2023, the forecast has been revised down to 4.2%. RBI Governor Shaktikanta Das said the GDP growth forecast for FY23 lowered to 6.8% from 7%.

10:18 AM

MPC meet: GDP growth resilient, inflation to moderate, says RBI Guv Das

RBI Governor Shaktikanta Das says that GDP growth in India to remain resilient while inflation will moderate. He adds, but battle against inflation not over yet

10:15 AM

MPC meet: RBI keeps rate hike stance at 'withdrawal of accommodation'

The RBI continues to keep the rate hike stance unchanged at “withdrawal of accommodation”

10:12 AM

RBI MPC meet: Inflation to remain higher than 4 per cent target

RBI MPC meet: Indian inflation to remain higher than 4 per cent target, says Governor Shaktikanta Das

10:11 AM

RBI repo rate at 6.25 per cent, highest since 2018

The RBI's Monetary Policy Committee with a majority of five out of six decided to hike the rate by 35 bps. The policy rate is now at the highest level since August 2018.
Governor Shaktikanta Das announced the monetary policy and said that the nation's financial system is robust, and corporate is healthy as India remains in a 'bright spot in an otherwise gloomy world', yet inflation remains elevated. Das will address a press conference at 12 pm.
To contain the inflation, the central bank this year has hiked the basic lending rate by 225 bps, from 4.4 per cent in May to 6.25 per cent in December . 
 

10:04 AM

Reserve Bank of India hikes repo rate by 35 basis points to 6.25%

The Reserve Bank of India hikes repo rate by 35basis points to 6.25 per cent. 

9:52 AM

Guv Shaktikanta Das to shortly announce bi-monthly monetary policy

RBI MPC meet: Guv Shaktikanta Das to shortly announce bi-monthly monetary policy

The Reserve Bank of India (RBI) on Wednesday hiked the repo rate by 35 basis points to 6.25 per cent in its bi-monthly monetary policy. The RBI's Monetary Policy Committee with a majority of five out of six decided to hike the rate by 35 bps. The policy rate is now at the highest level since August 2018. The RBI continued to keep the rate hike stance unchanged at “withdrawal of accommodation”.

Governor Shaktikanta Das announced the monetary policy and said that the nation's financial system is robust, and corporate is healthy as India remains in a 'bright spot in an otherwise gloomy world', yet inflation remains elevated.

To contain the inflation, the central bank this year has hiked the basic lending rate by 225 bps, from 4 per cent in April to 6.25 per cent in December. India's retail inflation in the month of October stood at 6.77 per cent, softening from 7.79 per cent in September. While the RBI hiked the repo rate by 40 bps in the May MPC meeting, after that, the central bank increased the key interest rate by 50 basis points three times, in June, August, and September. 

The RBI MPC lowered the GDP growth forecast for October-December 2022 to 4.4%, while for January-March 2023, the forecast has been revised down to 4.2%. RBI Governor Shaktikanta Das said the GDP growth forecast for FY23 has been lowered to 6.8% from 7%. The policy committee raised the CPI inflation forecast for October-December 2022 to 6.6% from 6.5%, while for January-March 2023, it has been raised to 5.9% from 5.8%. Das said the CPI inflation forecast for April-June 2023 has been retained at 5.0% while it is seen at 5.4% in July-September 2023. Meanwhile, the CPI inflation forecast for FY23 has been retained at 6.7%.

Topics :Reserve Bank of IndiaRBI monetary policymonetary policyMPC meetRBI repo rateInterest rate hike

First Published: Dec 07 2022 | 8:13 AM IST