RBI Monetary Policy: key takeaways-

  • The MPC has kept the repo rate unchanged at 5.15 percent and also decided to continue with the accommodative stance.
  • Consequently, the reverse repo rate under the LAF remains unchanged at 4.90 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 5.40 per cent.
  • The RBI has maintained an accommodative stance, which is good for the market as it rules out rate hikes which seemed possible at one time when inflation was going up.
  • It has also indicated that there is room for further action, which means that during the year there will be some more rate cuts. More importantly, it is also asking for rates on small savings to be  lowered as that would amplify the policy effects.
  • Inflation is likely to remain high in Q4 and the 6.5 per cent number provided is indicative of the fact that even in the next policy, it would be tough to cut rates as this number would be above 6 per cent.
  • The Reserve Bank of India (RBI) has stated FY21 gross domestic product (GDP) growth is projected at 6 percent, in the range of 5.5-6 percent in the first half of FY21 and 6.2 per cent in Q3FY21.
  • RBI governor Shaktikanta Das said that no plan of monetising the government deficit at present.
  • Deposit insurance increase may not have a major impact on bank balance sheets, says RBI deputy governor BP Kanungo.
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