It was widely expected that the RBI would maintain status quo with benchmark interest rates in the backdrop of concerns raised by the Omicron variant of the coronavirus.
Reserve Bank of India Governor Shaktikanta Das is reading out the apex regulator's monetary policy statement. It is expected that the central bank might maintain the status quo on the benchmark interest rate owing to concerns triggered by the Omicron variant of the coronavirus.
Highlights from the address:
1. Repo Rate Unchanged at 4 Per Cent: RBI Gov
2. MSF and Bank rate unchanged at 4.25 per cent: RBI Gov
3. Reverse Repo Rate Unchanged at 3.35 per cent: RBI Gov
4. Recovery interrupted by the second wave gaining traction, but not sustainable as yet: RBI Gov
5. The projection for Real GDP Growth retained 9.5 per cent retained for FY 2021-22: RBI Gov
6. Cost pressures continue to impinge on core inflation: RBI Gov
7. Inflation projection retained for FY22 at 5.3%, 5.1% for Q3, 5.7% for Q4, and 5% for Q1 FY23: RBI Gov
8. Proposed launch of UPI based payment products for feature phone users: RBI Gov
9. Banks will not be required to take RBI nod to infuse capital in their branches and arms overseas: RBI Gov
10. 14-day VRRR auction as main liquidity management operation to be re-established: RBI Gov
11. Indian Economy relatively well-positioned on a recovery path but not immune to global implications bought by the Omicron variant: RBI Gov