Market sprung from RBI estimates:Expects 7.5% decline in GDP in 2021; Sensex crosses 45 thousand for the first time as this rate decreases by 2%

The Reserve Bank of India (RBI) made a big announcement on GDP on Friday. Governor Shaktikanta Das said that the estimate of GDP has been changed in 2020-21. It is now expected to fall by 7.5%. GDP was forecast to decline by 9.5% in October. That is, the fall estimate has been reduced by 2% in two months. Das quotes the philosopher Socrates by saying that we can either get worse or get better.

Das while presenting the final monetary policy for this calendar year also said that commercial and cooperative banks will not pay any dividend this year (related to FY 2020-21). Keep all the profits with you. There is no change in policy rates. All rates are unchanged.

3 key things of RBI governor-

1. Supply side will control inflation pressure
Supply side, which is inflation pressure, needs more efforts to bring it under control. Corporate income shows that demand is improving and profit figures are rising. In view of further increase in urban demand, recovery in rural demand is likely to be more. Necessary steps will be taken to maintain financial sector stability.

2. Instructions on Digital Penet Security Control: For
institutions which are under the purview of regulation, RBI has proposed to issue instructions for Digital Payment Security Control. On Thursday, the problems of digital service of two of the country's largest banks, SBI and HDFC Bank, were revealed. HDFC Bank is prohibited from launching any new digital service. At the same time, SBI's YONO digital service came to a standstill yesterday.

3. Compensation to customers for delay in
redressal of complaints An elaborate arrangement has been announced for better disclosure of customer complaints, monetary compensation for any kind of delay in resolution. The proposed digital payment security control guidelines are likely to be made public soon. Corona infections are increasing in some places, but positive economic conditions dominate them.

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