RBI Monetary Policy Review: Top 20 statements from Governor Shaktikanta Das' MPC address
RBI Monetary Policy Review, Governor Shaktikanta Das Address, Quotes: RBI Monetary Policy MPC Review: With the latest hike, the repo rate or the short term lending rate at which banks borrow from the central bank is now close to 6 per cent.
RBI Monetary Policy Review, Governor Shaktikanta Das Address, Quotes: RBI Monetary Policy MPC Review: The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points to 5.90 per cent in a bid to check inflation, which has remained above its tolerance level for the past 8 months. With the latest hike, the repo rate or the short term lending rate at which banks borrow from the central bank is now close to 6 per cent.
This is the fourth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June and August. In all, RBI has raised benchmark rate by 1.90 per cent since May this year. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided in favour of the rate hike.
Here are KEY TAKEAWAYS from RBI Governor Shaktikanta Das' speech on RBI Monetary Policy Review Outcome and What all Monetary Policy Committee (MPC) recommended:-
1- World in midst of third major shock from aggressive monetary tightening by central banks, says RBI Governor Shaktikanta Das.
2-There is nervousness in financial market, global economy eye of new storm: RBI Guv.
3-Indian economy continues to be resilient in midst of global turmoil: RBI Governor.
4-RBI hikes benchmark lending rate by 50 basis points to 5.90 per cent: Das.
5-RBI to remain focused on withdrawal of accommodative monetary policy: RBI Guv.
6-RBI cuts its economic growth projection for FY23 to 7 pc from earlier estimate of 7.2 pc, says Das.
7-RBI to remain focused on withdrawal of accommodative monetary policy: RBI Guv.
8-Inflation expected to remain elevated at around 6% in second half of FY23, says Das.
9-Economic activity in India remains stable: RBI Guv.
10-Recent correction in global crude oil prices if sustained may provide relief to inflation: Das.
WATCH: FULL ADDRESS of RBI Governor Shaktikanta Das
11-High frequency data for Q2 indicates economic activities remain resilient, pvt consum
12-Merchandise exports have been affected due to external factors: RBI Guv.
13- Inflation projection for FY23 retained at 6.7 pc for FY23, says RBI Guv.
14-Bank credit has grown at accelerated pace of 16.2 pc : RBI Guv.
15-Monetary policy must remain alert and nimble, says RBI Governor.
16- Rupee movement orderly against US dollar; depreciated only 7.4 pc this year till Sep 28: RBI Guv.
17-RBI does not have a fixed exchange rate for rupee; intervenes in market to curb excessive volatility: Das.
18- RBI actions will be carefully calibrated to incoming data, says Governor Das
19-We remain confident of financing our external sector deficit: RBI Guv
20-There is 67 pc decline in forex reserve this year due to change in valuation of foreign exchange rate
The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided in favour of the rate hike.
The Consumer Price Index (CPI) based inflation, which RBI factors in while fixing its benchmark rate, stood at 7 per cent in August. Retail inflation has been ruling above the RBI's comfort level of 6 per cent since January this year.
Das retained the inflation projection at 6.7 per cent for the current fiscal while slashing real GDP growth estimate to 7 per cent from earlier forecast of 7.2 per cent for FY'23.
The latest RBI action follows the US Federal Reserve effecting the third consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 3-3.25 per cent earlier this month.
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