RBI Credit Policy: The Reserve Bank of India may give a decision not to make any changes on the interest rates front in the policy review today amid concerns about the new variant of the corona virus, Omicron. The three-day bi-monthly monetary review meeting of the Reserve Bank of India will end today. The results of the MPC meeting headed by Reserve Bank Governor Shaktikanta Das will be announced today at 10 am. The monetary policy statement of Reserve Bank Governor Shaktikanta Das will be released at 10 am.
MPC meeting started on 6th September
The monetary meeting of the Reserve Bank of India began on Monday 6 December. It is believed that the central bank will maintain the status quo on the policy rate front due to the uncertainty created by the new variant of the corona virus. If the Reserve Bank today retains policy interest rates at the same level without change, then this will be the ninth consecutive time that there will be no change in rates. The Reserve Bank last changed the rates on May 22, 2020.
What are the challenges before RBI
Apart from maintaining the pace of growth of the country, the challenge of keeping the rising inflation under control in front of the Monetary Policy Committee of the Reserve Bank remains intact. In the last credit policy held in October, the Reserve Bank had indicated that against the target of keeping inflation at 4 per cent, the adverse effect of rising prices is being seen. However, the RBI had given strong signals regarding the rate of economic growth of the country.
What is RBI’s estimate for economic growth rate
The last meeting of the RBI’s MPC was held on 6-8 October and while there was no change in interest rates, the Monetary Policy Committee had retained the economic growth rate for the financial year 2021 at 9.5 per cent.
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