RBI: The key lending rate remained at 6.5 percent today thanks to the Reserve Bank of India (RBI). The Monetary Policy Committee (MPC) unanimously opted to maintain the policy repo rate, according to RBI Governor Shaktikanta Das.
Extension until March 2026 to Address UCB Implementation Challenges
It has been decided to prolong the phase-in period for achievement of the aforementioned targets by two years, i.e. up until March 31, 2026, in order to lessen the implementation issues faced by the UCBs. Additionally, appropriate incentives must be given to UCBs that, as of March 31, 2023, had achieved the set goals. He declared that the committee would keep making timely and suitable policy decisions to keep inflation expectations firmly in place. The RBI has revised its earlier prediction of 5.2 percent inflation to 5.1 percent for FY24.
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Monetary Policy Activities Yield Expected Results
According to Das, the monetary policy activities are producing the expected outcomes. “Indian economy and financial sector stand strong and resilient amidst unprecedented global headwinds,” he declared.
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