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.
According to an official order, the government has reappointed Das as the governor of the central bank for a period of three years beyond December 10, 2021.
Monetary Policy Committee (MPC) decided to maintain status quo, that is keeping benchmark repurchase (repo) rate at 4 per cent, RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
RBI governor Shaktikanta Das on Wednesday, said the Covid-19 pandemic has reversed the economic situation in India, with the country witnessing a shift from strong economic recovery to facing a fresh crisis.
Effective regulation is a priority for the Reserve Bank, and regulation should not constrain innovation in the fintech space, the governor said
The reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.
The Reserve Bank of India is positioning itself to provide an enabling environment where regulated entities are catalysed to exploit these new avenues, Das said.
RBI Governor Shaktikanta Das also said that inflation is likely to remain elevated throughout winter
The RBI governor announced that the decision was taken unanimously and added that the reserve repo rate too was kept unchanged at 3.35 per cent.
Speaking at the annual day event of Foreign Exchange Dealers' Association of India (FEDAI), Das said there are downside risks to growth across the world and also in India.
RBI Governor Shaktikanta Das has tested positive for Covid-19 today and says to continue work from isolation.
Three new external members in the panel voted in today's decision.
Supply chain disruptions persist, resulting in inflation pressures across segments, RBI Governor Shaktikanta Das said while announcing the decisions taken by the central bank’s Monetary Policy Committee (MPC).
RBI Governor Shaktikanta Das said the farm sector is emerging as a bright spot.
RBI Governor Shaktikanta Das said the financial sector should return to normal functioning without relying on regulatory relaxation as the new norm.
Chidambaram's remarks came a day after the RBI delivered an emergency rate cut for the second time in as many months on Friday as it judged that the Covid-19 pandemic poses a grave threat to the country and will lead to the first economic contraction in 40 years.
The press briefing by RBI Governor comes days after Finance Minister Nirmala Sitharaman held five press briefings to announce the fine print of centre's Rs 20 Lakh Crore Covid-19 economic package.
The RBI may have reduced the reverse repo rate, but it will be too much of optimism to expect banks’ lending to pick up because of this move.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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