Shaktikanta Das, the outgoing RBI Governor, made six pivotal policy decisions during his tenure, from navigating the COVID-19 crisis to introducing India’s Digital Rupee. Know about his lasting impact on India’s economic landscape.
The Reserve Bank of India Governor as ex-officio chairman of the Monetary Policy Committee commenced the three-day meeting on October 7 which concluded today. It was anticipated that the repo rate would be reduced this time considering the rate cuts by the US Feds.
The Reserve Bank of India (RBI) has kept the benchmark repo rate unchanged at 6.5% for the 10th consecutive time, maintaining its focus on inflation control while balancing economic growth.
The Reserve Bank of India (RBI) is unlikely to announce a rate cut in its upcoming monetary policy meeting, according to a report by the State Bank of India (SBI). With India experiencing robust economic growth that surpasses capacity, the RBI is expected to maintain current interest rates.
The Bank of England has maintained its interest rate at 5%, contrasting with the US Federal Reserve’s rate cut to 4.8%. Inflation concerns in the UK, particularly in the services sector, have driven this cautious approach.
The rate cut ends a 14-month period where rates were held steady. This duration is longer than three of the last six Fed "hold" periods but falls short of the 15-month pause before the 2007-2009 financial crisis.
This marks the ninth consecutive time the MPC has held the repo rate at 6.5%, maintaining its stance of 'withdrawal of accommodation' to steer inflation towards the desired target. The decision received majority support, with four out of six members in favour.
The Reserve Bank of India (RBI) has proposed a new facility to allow automatic replenishment of UPI Lite wallets to promote small-value digital payments. Currently, UPI Lite has a daily limit of Rs 2,000 and a per-transaction limit of Rs 500.
RBI Governor Shaktikanta Das revealed the next set of monetary policies on Friday morning. Earlier, experts anticipated that the RBI will maintain the benchmark interest rate at 6.5%, unchanged since February 2023, due to inflation concerns.
While formulating its bi-monthly monetary policy, the RBI considers consumer inflation. It notes that uncertainties surrounding food prices continue to exert influence on the inflation trajectory in the foreseeable future.
Despite the potential for intervention, analysts remain doubtful about its effectiveness. Tapas Strickland from the National Australia Bank highlighted that macroeconomic fundamentals do not currently support a significant shift towards a hawkish monetary stance.
The Reserve Bank of India (RBI), led by Governor Shaktikanta Das, has announced the decision to maintain the Policy Repo Rate at 6.5%. This steady stance indicates a deliberate approach towards economic stability.
The RBI announced its decision to keep the repo rate unchanged for the sixth consecutive time at 6.50 per cent.
The monetary policy committe led by Shaktikanta Das has kept the repo rates unchanged at 6.50 per cent.
The RBI has kept the repo rate steady at 6.50 per cent over the past year, last raising it in February 2023 from 6.25 per cent.
The RBI's Monetary Policy Committee (MPC) has a mandate to keep retail inflation within a target range of 2-6%. In recent months, inflation has been driven by rising food and fuel prices.
The RBI has been tasked to ensure that retail inflation remains at 4 per cent with a margin of 2 per cent.
Michael D Patra, who looks after the monetary policy department in the RBI, also stressed that the Indian currency has witnessed the least depreciation in recent times.
UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, RBI Governor Shaktikanta Das said.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
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