The Reserve Bank of India has announced the first monetary policy of this financial year. On this occasion, Reserve Bank Governor Shaktikanta Das said that the Monetary Policy Committee has decided not to make many changes in interest rates this time too. The repo rate has been kept at 4 percent and the reverse repo rate at 3.35 percent. This is the 11th consecutive meeting in which there has been no change in interest rates and the monetary policy stance has been kept accommodative.
GDP growth forecast for the financial year 2022-23 reduced: The central bank has reduced its growth forecast for the financial year 2022-23 to 7.2 per cent. In the meeting of the Monetary Policy Committee held in February, GDP growth was estimated at 7.8 percent. On this, Governor Shaktikanta Das said that the GDP growth in the first quarter of the financial year 2022-23 is estimated to be 16.2 percent. GDP growth is expected to be 6.2 percent in the second quarter, 4.1 percent in the third quarter and 4 percent in the fourth quarter.
Governor Shaktikanta Das said that all the members of the Monetary Policy Committee have unanimously decided not to change the interest rates. This has been done to increase the liquidity in the system. Repo rate is the rate at which all banks take loans from the Reserve Bank of India (RBI). This loan is further used by banks to give home loans, car loans, personal loans, etc. to people by banks. At present the repo rate set by RBI is 4 percent. Reverse Repo Rate As its name suggests, it is the exact opposite of Repo Rate. Under Reverse Repo Rate, all banks deposit excess capital with the Reserve Bank of India (RBI).