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RBI monetary policy: Key highlights

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New Delhi, Oct 09: Following are the highlights of RBI Governor Shaktikanta Das' statement and resolution of the Monetary Policy Committee (MPC):

    RBI: India's GDP to contract 9.5 per cent in the 2020-2021 financial year|Oneindia News

    RBI Governor Shaktikanta Das
    • Benchmark lending rate kept unchanged at 4 pc
    • Indian economy expected to contract 9.5 pc this fiscal with downside risks
    • Contraction 9.8 per cent projected in July-September; 5.6 pc in October-December and rebound in growth at 0.5 per cent in March quarter
    • GDP growth for April-June quarter 2021-22 fiscal projected at 20.6 pc
    • Accommodative monetary policy stance maintained to support growth
    • Indian economy entering into decisive phase in fight against coronavirus, focus must shift from containment to reviving economy
    • Contraction in economic growth of Q1 behind; silver linings are visible in the flattening of the active caseload curve across the country
    • GDP growth may break out of contraction and enter positive zone by March quarter of current fiscal
    • Inflation to remain elevated in September quarter, but ease gradually towards the target over December and March quarters
    • Retail inflation projected at 6.8 per cent for September quarter
    • Current inflation hump transient; agriculture outlook looks bright, oil prices to remain rangebound
    • RTGS fund transfer system for real-time fund transfer to become 24X7 from December
    • Threshold for aggregate exposure of retail bank loans to one counterparty increased to Rs 7.5 crore from Rs 5 crore
    • System-based automatic caution-listing for exporters discontinued to help them negotiate better terms with overseas buyers
    • Comfortable liquidity position to be maintained; Rs 20,000 crore-OMO auction next week
    • On-tap targeted long-term repo operations (TLTRO) to be conducted, with tenors of up to three years for Rs 1 lakh crore at a floating rate linked to the policy repo rate up to March 31, 2021
    • All MPC members vote for keeping the policy repo rate unchanged and continue with the accommodative stance.

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