RBI MPC meeting LIVE:Reserve Bank keeps repo rate at 4% keeping inflation in mind, no change in bank rates

Keeping in view the inflation, the RBI committee did not change the policy rates, which is 4%. After a 3-day committee meeting, RBI Governor Shaktikanta Das said today that it is expected that inflation may still remain at a high level. However, it is expected to get some relief in the winter months.

He said that the reason for high inflation is the supply chain is hindered. Experts had earlier predicted that there will be no change in the repo rate. After the verdict, the repo rate remains at the level of 4%, reverse repo rate 3.35%, cash reserve ratio of 3% and bank rate of 4.25%.

Retail inflation may remain 6.8%

Governor Shaktikanta Das said that retail inflation is estimated to be 6.8% in the third quarter of FY 2020-21, 5.8% in the fourth quarter. The RBI had earlier estimated in its October monetary policy that the country's GDP growth rate could decline by 9.5% in 2020-21. It was forecast to decline by 5.6% in the third quarter. At the same time, GDP was projected to grow by half a percent in the fourth quarter.

CPI rate estimated at 6.8%

The Consumer Price Index (CPI) inflation is estimated to be 6.8% in the third quarter. The real GDP growth rate is projected to be -7.5% in FY 2021. The governor said that the financial market is doing well. Demand for villages is expected to strengthen recovery. This will continue in the future. We will use all means at the right time to maintain liquidity in the system.

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