BusinessIndia

RBI maintains status quo

Mumbai: Continuing the accommodative stance, the Reserve Bank of India on Friday kept the key rates unchanged for fourth time in a row.

The Repo rates stands unaltered at 4 per cent and reverse repo at 3.35 per cent respectively.

Announcing the bi-monthly policy, RBI Governor Shaktikanta Das indicated more rate cuts in future in order to support the economy hit by the Coronavirus (Covid-19) pandemic.

Meanwhile, the reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with the RBI.

The MPC of the RBI voted to keep interest rates unchanged and continue with the accommodative stance to support growth.

The RBI Governor said that inflation had returned to a tolerance band (of 4 per cent). He further said that outlook on growth had turned positive and signs of recovery had also strengthened further.

The GDP growth was projected at 10.5 per cent for the next fiscal, Das said that the Budget had provided impetus to health and infra sectors.

 

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