Big Blow To Common Men Before Festive Season, No Relief Given By RBI On EMI

New Delhi : The results of the Reserve Bank’s Monetary Policy Committee (MPC) meeting have been announced before the festive season. RBI Governor Shaktikanta Das gave information about the outcome of the meeting through a press conference.

Repo rate remains at four percent
During this, he said that there has been no change in the repo rate. This means that the repo rate remains at four per cent. In view of the festive season, it was expected that the RBI can cut down the repo rate to increase the demand. However, nothing like this has happened. 
In the meeting of the Monetary Policy Committee of RBI last August, there was no change in the repo rate. However, the central bank had earlier cut the repo rate by 1.15 percent in the last two meetings. Currently, the repo rate is four percent, reverse repo rate is 3.35 percent.

– The RBI Governor said that the GDP is expected to turn positive in the last quarter of the current financial year.

– RBI Governor Shaktikant Das told that growth is being seen in all sectors. He said that now more focus is on revival than stopping COVID.

– He has kept the GDP growth estimate negative at 9.5 per cent. At the same time, a loan of Rs 7.5 crore for small borrowers has been approved.

– Risk weightage on new housing loans has been reduced. At the same time, to promote digital payments, it is proposed to implement RTGS for 24 hours.

– RBI Governor said that our focus is on making finance easier and increasing growth. Keeping this goal in mind, we will do an open market operation (OMO) of Rs 20,000 crore next week. Under OMO, central banks buy and sell government security and treasury bills. RBI handles this job in India. When the RBI wants to increase the money supply in the economy, it buys government security in the market. When they feel the need to reduce the money supply in the economy, they sell government security in the market.

The meeting was to be held on 28 September
The Reserve Bank had earlier fixed the day of the meeting of Monetary Policy Committee (MPC) on 28 September. But due to the appointment of members of the committee, the meeting was postponed. The government has appointed three members in the MPC. Three eminent economists Ashima Goyal, Jayant R Verma and Shashank Bhide have been appointed as members of the MPC. These members have been appointed in place of Chetan Ghate, Pami Dua, Ravindra Dholakia. His term was completed in September.