Covid-19 second wave single biggest challenge to recovery: RBI Governor Das

MPC minutes show one member saw little merit in continuing with central bank's forward guidance

The second wave of Covid infections and its impact on growth loo­med large on the minds of the six MPC members, showed the minutes of the meetings relea­sed by the RBI on Thursday.
 
The monetary policy committee (MPC) members were also in favour of engaging with the bond market on yields.
 
Jayanth R Varma, external MPC member, said RBI’s forward guidance has failed to bring down yields and that the practice can be stopped.
 
The RBI announced Rs 1 trillion of bond buying from the secondary market in the first quarter. 
 
In the end, the MPC