EMIs to rise as RBI hikes interest rate again albeit at a slower pace
Business | December 07, 2022 14:43 ISTThe RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
The RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
Inflation rate in India: The rate-setting Monetary Policy Committee headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range.
The RBI Governor termed the launch of the central bank digital currency (CBDC) as a landmark moment in the history of currencies in the country.
The RBI governor said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
RBI monetary policy: The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
RBI Governor Shaktikanta Das said that the central bank in March felt that economic activity was above the pre-pandemic levels and decided to shift focus to curbing inflation.
Cryptos and other virtual digital assets are unregulated in India and are considered extremely risky.
RBI will remain focused on orderly completion of the government's borrowing programme.
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 Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation.
RBI Governor Shaktikanta Das said that there will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate.
RBI Governor Shaktikanta Das said that all six members of the MPC unanimously voted for a rate hike to contain inflation that has remained stubbornly above the target of 6 per cent for the last three months.
The RBI takes into account a particular range within which crude prices are expected to fluctuate considering all the factors that can be anticipated and that can be sort of foreseen as of today.
I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
Finance Minister Nirmala Sitharaman also thanked PM Modi for the initiatives. Narendra Modi launched 2 innovative customer-centric initiatives of RBI today.
Reserve Bank Governor Shaktikanta Das said that there is a need to improve the quality and depth of audit as it instils confidence among citizens.
In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections.
Addressing AIMA National Management Convention, Das underlined the need for increased investment in healthcare education, digital and physical infrastructure to ensure sustainable growth and generate employment opportunities.
The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO).
The career bureaucrat-turned-central banker also welcomed the govt's approach to the pandemic-triggered crisis as a prudent and calibrated one.
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