MPC Announcement: Inflation target for 2022-23 has been set at 5.7 per cent, with an assumption that oil prices will be $100 per barrel.
MPC Meeting | New Delhi: The Governor of the Reserve Bank of India (RBI) on Friday announced the first Monetary Policy for the year 2022-23. For the 11th time, the central bank kept the repo rate unchanged at 4 per cent. He, however, lowered the GDP growth forecast from 7.8 per cent to 7.2 per cent. The RBI Governor said that the bank is ready to use every tool at its disposal to protect India from global volatility due to the ongoing Russia Ukraine War.
The Governor talked about cybersecurity and the need to build Digital India. A number of steps were announced to promote the same.
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Here Are 8 Key Takeaways from the RBI Governor Shaktikanta Das’s Address:
- Repo Rate has been kept unchanged for the 11th time in a row at 4 per cent
- Bank rate has also been kept unchanged at 4.25 per cent
- Real GDP projection for 2022-23 has been lowered to 7.2 per cent from 7.8 per cent
- Inflation target for 2022-23 has been set at 5.7 per cent, with an assumption that oil prices will be $100 per barrel.
- To promote Digital India, Cardless withdrawal will be allowed through all ATMs and Banks across the country via UPI
- According to RBI Governor Das, India’s Forex Reserves stood at $606.5 Billion as of April 1
- Marginal Standing Facility (MSF) at 4.25 per cent and Reverse Repo Rate unchanged at 3.35 per cent
- RBI to issue guidelines for cybersecurity to all payment system operators
