RBI unchanged policy rates to historic low
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “RBI unchanged policy rates to historic law”
The Monetary Policy Committee has picked out the status quo on the repo rate at 4.00%. The committee also opted to maintain an accommodative stance in order to endure economic growth and recovery, RBI Governor Shaktikanta Das announced on Thursday.
RBI has unchanged the policy rates to the tenth consecutive time. The central bank had lastly revised the policy rate on May 22, 2020 to regain energy in cycle to perk up demand by cutting the interest rate to a historical low.
The MPC has unchanged the marginal standing facility (MSF) at 4.25%. Even MPC has also remained the reverse repo rate unchanged at 3.35%.
The MPC has been exercised by the government to keep inflation in the range of 2-6%.
Inflation & growth outlook:
RBI Governor Shaktikanta Das is expecting FY23 growth at 7.8% on the growth front.
RBI’s CPI inflation estimation for FY22 has been retained at 5.3%.
The latest CPI-based retail inflation reading:
In December 2021, it was at a five-month high of 5.6% which was near to the upper end of the tolerance band. It became more concern point when the core inflation stood at 6.2% YoY for the third consecutive time.
This is the 6th and last bi-monthly monetary policy for the current financial year.
As per the RBI’s instruction fixed-rate reverse repo and marginal standing facility windows will be accessible only between 5.30 pm to 11:59 pm.
Increased limit for VRS:
The RBI has hiked the limit for inflows under the Voluntary Retention Scheme to Rs 2.5 lakh crore from Rs 1.5 lakh crore. Governor Das said that this step will supply additional sources of capital for domestic debt markets, including government securities.
The cap on e-rupee vouchers has been raised to Rs 1 lakh from Rs 10,000. These vouchers can now be expended more than one time.
Question & Answer:
Q1. What is the reverse repo rate and marginal standing facility rate decided at recent MPC meeting?
Ans. 3.35% and 4.25%
Q2. The RBI has hiked the limit for inflows under the Voluntary Retention Scheme to how much lakh rupees?
Ans. Rs 2.5 lakh crore
Q3. What is the revised limit on e-rupee vouchers?
Ans. Rs. 1 lakh
Q4. Which numbered monetary policy has been released for the current financial year recently?
Ans. Sixth and last for the current financial year
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