RBI keeps rates on hold to support recovery, 'sail towards normal times'

Repo rate and the reverse repo rate remain unchanged at 4% and 3.35%

The Reserve Bank of India’s monetary policy committee kept key interest rates unchanged, while retaining an accommodative stance to help revive the economy, which is facing a slowdown due to the coronavirus pandemic.

Repo rate and the reverse repo rate remain unchanged at 4 per cent and 3.35 per cent, respectively, said RBI Governor Shaktikanta Das in a statement on Friday after a three-day meeting of the committee in Mumbai. The RBI lowered its full year 2021/22 retail inflation projection to 5.3 per cent from 5.7 per cent, saying the inflation trajectory has turned out to be more favourable than expected. It maintained its full-year economic growth forecast at 9.5%.

“We derive comfort from the fact that the inflation trajectory is turning out to be more favourable than anticipated,” Das said. “In spite of global headwinds, we hope to emerge from the storm and sail towards normal times steered by the underlying resilience of the macroeconomic fundamentals of the Indian economy.”…Read More

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