Monetary policy review: Rate cut is off the table, says Urjit Patel

The highest priority is further strengthening of domestic macroeconomic fundamentals, says RBI governor Urjit Patel

After the RBI’s fourth bi-monthly monetary policy review, Governor Urjit Patel and other top officials spoke to the media on the central bank’s decision to hold rates, currency and debt markets, and its view on non-banking finance companies (NBFCs).


On forex reserves and rupee

Governor Urjit Patel:  Foreign exchange reserves at $400.5 billion are sufficient to finance 10 months of imports. Notwithstanding the improvements in these fundamentals, the exchange rate of the rupee has experienced bouts of volatility since the MPC last met in August. In particular, India has not been immune to global spillovers of external