RBI maintains status quo, keeping repo rate unchanged at 6.5%; Also retains GDP growth forecast for fiscal 2023-2024 at 6.5%

• RBI today announced its second bi-monthly policy of this fiscal and as expected the apex bank preferred to maintain status quo by keeping the key rates unchanged.
• Monetary Policy Committee decided to keep the policy repo rate unchanged at 6.5%, consequently, the Standing Deposit Facility (SDF rate) remains at 6.25% and the marginal standing facility and the bank rates stand at 6.75%.
• The MPC also decided by a majority of five out of six members to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target while supporting growth.
• In India Consumer Price Inflation eased during March-April 2023 and moved into the tolerance band, declining from 6.7% in 2022-23.
• Headline inflation, however, is still above the target as per the latest data and is expected to remain so according to our projections for 2023-24.
• The RBI MPC has kept the GDP growth rate at 6.5  percent. It said on a quarterly basis, the GDP growth rate stands at 8% in Q1FY 24, 6.5% in Q2 FY24, 6% in Q3FY24, and 5.7% in Q4 FY24.
• RBI Governor Shaktikanta Das also announced that banks can now issue RuPay pre-paid forex cards. With this, the RBI also announced to expand the scope of an e-rupee voucher. To let this happen, non-bank companies could issue such instruments independently.
• On the issue of CBDC (Central Bank Digital Currency) Deputy Governor Rabi Shankar said, No specific date is decided for the public launch of CBDC. Under pilot project bank is expected test it with 1 million customers by the end of June. Now bank is testing its QR code’s interoperability with UPI.

 

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Published date : 08 Jun 2023 05:22PM