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RBI keeps key rates unchanged after policy review RBI

RBI keeps key rates unchanged after policy review

India Blooms News Service | @indiablooms | 06 Aug 2020, 01:31 pm

Mumbai/UNI: Maintaining an accommodative stance, the Reserve Bank of India (RBI) on Thursday kept key rates unchanged.

The repo rates unaltered at 4 percent while Reverse Repo rate at 3.35%

RBI governor, Shaktikanta Das said the decision to keep the rates unaltered was taken unanimously in the six-member monetary policy committee (MPC).

The RBI sees real GDP growth for FY21 as negative, Das said.

Global economic activity has remained fragile but the global financial market has been buoyant, the RBI Governor said.

Following Covid- 19 outbreak, the domestic food inflation stays high he said adding that with good monsoon, the agriculture sector prospects have improved.

The RBI expects GDP growth rate for this fiscal to remain in the negative zone, he said adding that it expects inflation to remain elevated in the near term while softening towards the later part of the year.

The RBI has already reduced the repo rate by a total of 115 basis points since February, on top of the 135 basis points in an easing cycle last year.

Das said that the 250-basis-point cut in repo rate has resulted in a lowering of the interest rate across the financial system.