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Inflation witch again stopped RBI’s steps, did not get the gift of cheap loan, read full news –

by Aaryan Srivastav
December 6, 2024
Inflation witch again stopped RBI's steps, did not get the gift of cheap loan, read full news - India TV Hindi

Photo: PTI RBI Governor Shaktikanta Das

RBI Monetary Policy: Skyrocketing inflation has once again stopped RBI’s steps. The Reserve Bank of India (RBI), while announcing the bi-monthly review meeting of the Monetary Policy Committee (MPC) on Friday, has not made any change in the repo rate for the 11th consecutive time. RBI has kept the Repo Rate stable at 6.5. This step of RBI has come as a shock to the people who have been waiting for cheap loans and EMI reduction for a long time. Now we will have to wait till February for EMI to reduce. 4 out of 6 members of RBI monetary policy were not in favor of change in repo rate.

Let us tell you that MPC is the highest decision making body regarding monetary policy whose head is Reserve Bank Governor Shaktikanta Das. There are a total of six members in this committee including the Governor. The Reserve Bank has kept the repo rate constant at 6.5 percent since February 2023. The government has entrusted the RBI with the responsibility of ensuring that retail inflation remains at four per cent with a variation of two per cent.

CRR cut by 0.50%

RBI has reduced CRR by 0.50% to increase liquidity in banks. RBI has reduced the cash reserve ratio from 4.5% to 4%. This decision of RBI will increase liquidity of Rs 1.16 lakh crore in the banking system. With this decision of ABI, the bank will have more money to give loans. They will use it to give loans easily.

When will we get relief from inflation?

There is good news for people waiting for relief from rising inflation. Reserve Bank Governor Shaktikanta Das, while announcing his monetary policy, said that inflation is expected to decline from January to March. However, RBI has increased the inflation estimate.

Impact of inflation on GDP growth

The RBI Governor said that the skyrocketing inflation has had a negative impact on the country’s GDP growth. Due to this, GDP growth in the second quarter was much lower than expected. RBI Governor said that the pace of GDP slowed down due to slowdown in the manufacturing sector.

GDP estimate reduced for FY 2025

RBI has estimated the country’s GDP to decline from 7.2% to 6.6% in the current financial year. RBI has reduced the GDP estimate for the first quarter of FY 2026 to 6.9%.

Festive demand shows improvement

Governor Das said that the festive season and rural demand have shown improvement. This is good news for the Indian economy. He further said that there is no shortage of liquidity in the Indian banking sector.

Financial sector in strong position

RBI Governor Das said that the banking and financial sectors are in a strong position. There is a demand for loan from the bank. He directed the banks to provide the benefits of DBT scheme to the account holders without any hassle.

RBI will start podcast

RBI Governor announced that the Reserve Bank will start a podcast service to connect with the people in a better way. Podcasts are a series of pre-recorded talk shows that can be listened to or watched on mobile.

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