RBI Unveils NRI Scheme for Sovereign Green Bonds in IFSC

By siliconindia  |  Friday, April 5, 2024

RBI Unveils NRI Scheme for Sovereign Green Bonds in IFSC
In a recent announcement, RBI Governor Shaktikanta Das unveiled plans to enhance non-resident participation in Sovereign Green Bonds through an upcoming scheme in the International Financial Services Centre (IFSC). This initiative aims to broaden the investor base for these bonds. Additionally, to bolster accessibility to the RBI Retail Direct Scheme, a mobile app will be launched for the Retail Direct portal. Launched in November 2021, this move is intended to facilitate retail investors' participation and deepen the Government Securities (G-sec) market.
During the monetary policy review, the RBI maintained the key policy rate at 6.5 percent for the seventh consecutive time. This decision, backed by five of the six members of the Monetary Policy Committee (MPC), underscores the central bank's commitment to managing inflation and ensuring stable economic growth. Governor Das highlighted the MPC's stance of continuing with the 'withdrawal of accommodation' to curb inflation, reinforcing the RBI's disinflationary policy for sustaining economic stability.
Governor Das emphasized that food price inflation remains a significant factor influencing future trajectories. Looking ahead, the RBI projects India's GDP growth for 2024-25 at 7 per cent, while maintaining the inflation forecast at 4.5 percent. These measures reflect the RBI's proactive approach to maintaining price stability and fostering sustainable economic growth amidst prevailing global and domestic challenges.

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