Highlights: RBI remain key rates unchanged, lowers GDP growth from 7.8% to 7.2%

RBI Policy: The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) expectedly voted to keep the benchmark repo and reverse repo rates unchanged at record lows on Friday.

In the last 11 meetings, the MPC left interest rate unchanged and also maintained an accommodative monetary policy stance.

The repo rate or the short-term lending rate was last cut on May 22, 2020. Since then, the rate remains at a historic low of 4 per cent.

Cardless cash withdrawals

Proposed to make cardless cash withdrawals across banks & ATMs using UPI

RBI plans to tackle impact of global spillovers

RBI to maintain orderly financial condition in market and will take steps to contain impact of global spillovers: Das.

Edible oil prices could remain elevated

Edible oil prices could remain elevated, RBI Guv Shaktikanta Das says.

RBI financial markets timing

Financial markets regulated by central bank to now open at pre-pandemic time of 9AM.

Pickup in contact-intensive services

Robust rabi crop should support rural demand; pickup in contact-intensive services to help boost urban demand: Das.

CPI inflation seen averaging 5.7% in FY23

Inflation Estimation:

6.3 % in April-June 2022
5.0% in July-September 2022
5.4% in October-December 2022
5.1% in January-March 2023.

Conflict in Europe

While the pandemic quickly morphed from a health crisis to one of life & livelihood, conflict in Europe has the potential to derail the global economy: RBI governor
Guv Das on covid recovery

Indian economy is steadily reviving from pandemic-induced slowdown, says Das.

RBI cuts growth projection

War could impede economic recovery; RBI cuts growth projection to 7.2 per cent for FY23: Governor Das.

Crude oil prices remain volatile

Global crude oil prices remain volatile at elevated levels: RBI Governor Das

Rupee surges

Rupee surges 21 paise to 75.82 against US dollar amid RBI maintaining status quo on benchmark lending rate
Inflation

Inflation projected at 5.7%

"Withdrawal of accommodation"

RBI governor Shaktikanta Das says central bank will focus on "withdrawal of accommodation" to control inflation.
Real GDP growth for FY23 is projected at 7.2%

RBI Policy: Supply disruptions have rattled commodity

Supply disruptions have rattled commodity and financial markets: RBI Guv

Downside risk for India's GDP growth: Guv Das

Downside risk for India's GDP growth: Guv Das

RBI stands ready

Indian economy comforted by large forex reserves; RBI stands ready and resolute to defend economy: Das.

Stance remains accommodative

RBI leaves repo rate and reverse repo rate unchanged. Stance remains accommodative

Russia-Ukraine war

Global economy has seen a tectonic shift: Guv Das

MPC Live: Key rates unchanged

The Reserve Bank of India (RBI) on Friday kept the repo rate unchanged at 4% for the 11th time in a row.

Bloomberg economists expect status quo

All economists surveyed by Bloomberg expect the Reserve Bank of India’s six-member monetary policy committee to hold the benchmark repurchase rate at 4% Friday, while just four out of 29 polled as of Thursday morning see a hike in the reverse repurchase rate -- a tool the RBI uses to remove excess cash from lenders.
RBI to raise inflation outlook.

India’s central bank will likely raise its inflation outlook to reflect costlier oil while leaving borrowing costs steady at this week’s meeting.