RBI's Deputy Governor Michael D Patra said new monetary policy will result in policy effectiveness and welfare maximisation going ahead.
BSE Sensex rose 1.76 per cent or 1,016.03 points to close at 58,649.68 points on Wednesday. The NSE Nifty too closed 1.71 per cent or 293.05 points higher at 17,469.75.
With no change in repo and reverse repo rates, borrowers will continue to repay loans with low interest rates. Inflation worries seem to continue among consumers, but it might have a positive impact on the economy in long term.
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.
The Reserve Bank of India would be revealing its policy stance at 10 A.M. on Wednesday. It is expected to keep lending rates unchanged to gauge concerns triggered by the Omicron variant of the coronavirus.
While high rates may reduce inflation, they will affect borrowers who are already suffering from pay cuts and job losses. There is a growing concern among people on how the new rates will affect their lives.
The RBI Governor-headed Monetary Policy Committee is scheduled to meet during December 6-8, 2021. The decision of the rate-setting panel would be announced on Wednesday.
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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