RTGS system for real time transfer to become 24X7 from December: RBI Governor
New Delhi, Oct 09: Reserve Bank of India Governor Shaktikanta Das today announced that the RBI has kept the benchmark lending rate unchanged at 4 per cent. The other policy rates are also kept unchanged, Das said.
He was addressing the media on the outcome of the bu-monthly monetary policy committee meeting. The government has appointed three eminent economists Ashima Goyal, Jayanth R Varma, and Shashanka Bhide as members of the MPC headed by the RBI Governor. Das welcomed the new members.
RBI to maintain accommodative monetary policy stance to support growth. Indian economy entering into decisive phase in fight against coronavirus, Das also said.
The contraction in economic growth of Q1 is behind us and now silver linings are visible.
The focus must shift from containment to reviving the economy, the RBI Governor also said.
Focus must shift from containment to reviving economy, Das also said.
He also said that the inflation is likely to ease to projected target by Q4 of FY 21. The GDP growth may break out of contraction and enter positive zone by Q4 of current fiscal, Das also added.
Modest recovery in the first half of the year could further strengthen in the second half.
Economic activity will gain traction in Q3. The real GDP will contract by 9.5 per cent in the current fiscal, Das also said. The RBI will maintain a comfortable liquidity position and the Rs 20,000 crore OMO auction will be held next week.
Further Das also said that the current inflation hump remains transient. The agriculture outlook looks bright and oil prices will remain rangebound.
Das also announced that the RTGS system for real time fund transfer will become 24X7 from December onwards.