Mumbai: Reserve Bank The Indian Monetary Policy Committee keeps a stable interest rate at the lowest record on Friday but traders are waiting for their comments on the normalization of liquidity for the next policy step.
RBI holds the repo level, its main loan interest rate, at 4% and maintains a reverse repo level, the loan rate, has not changed at 3.35%.
The RBI has slashed the repo level with a total of 115 basis points (BPS) since March 2020 to soften a blow from the health crisis and difficult detention steps.
It follows 135 bps a decline in interest rates since the beginning of 2019.
Here are important points of the speech of the Governor of RBI: * RBI maintains a 9.5% GDP growth target at FY22: Governor of RBI Shaktikanta Das * Economy recovered from the second wave setback Covid -19 ; Economic activity to take vaccination: RBI Governor * Actions aimed at prioritizing growth and overcoming difficulties in the economy: DAS * CPI inflation was seen at 5.7% in 2020-21, down to 5.1% in April-June (Q1) 2022 -23: RBI Governor * We are in the midst of the extraordinary situation arising from pandemic, requiring policy support from all parties to maintain recovery: RBI * According to RBI, CPI inflation headline plus 6.3 percent in June after rising 207 basis Points (bps) in May 2021.
Food inflation increased in June mainly because of oil inflation, pulses, eggs, milk and food prepared and the increase in vegetable prices.
* Fuel inflation moves to two digits during May and June as inflation in LPG, kerosene, and firewood and chips soar.
* Bank Reserve said the acquisition program Securities Securities Secondary or G-SAP 2.0 worth 50,000 crore at two stages of this month to enable the evolution of the orderly yield curve.
Read Alsorbi to pump RS 50,000 Crore Via G-SAP 2.0 in August Reserve Bank of India on Friday said the acquisition program Securities Securities Secondary or G-SAP 2.0 worth 50,000 crore at two stages this month to enable Evolution from the Yield curve , (With input from agency)