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The Reserve Bank of India’s decision to keep the repo rate unchanged at 4% for the 10th time in a row and to maintain the accommodative stance reflects a more cautious approach in the wake of an erratic economic recovery and the continued impact of the pandemic. The Monetary Policy Committee (MPC) in its last […]

Industry expects a status quo on benchmark rate on account of uncertainty over the impact of Covid second wave

The key lending rate, the repo rate, was kept at 4 per cent and the reverse repo rate or the central bank's borrowing rate at 3.35 per cent

The central bank kept the benchmark repurchase rate unchanged at 4 per cent and maintained accommodative policy stance to support growth.

The Reserve Bank will announce the resolution of the Monetary Policy Committee (MPC) on April 7.

The policy repo rate or the short-term lending is currently at 4 per cent, and the reverse repo rate is 3.35 per cent.

While Das did not elaborate further, the central bank had in the past expressed concerns on digital currencies being used for money laundering and terror funding.

The six-member MPC headed by RBI Governor Shaktikanta Das has started its deliberations.

The bulletin cited the pandemic-imposed retrenchment of Q1FY21 turned out to be much shallower in Q2 and the economy is reflating at a pace that beats most predictions.

The reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with Reserve Bank of India (RBI).

The government has appointed three economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the MPC.