rbi

The Reserve Bank of India’s (RBI) Monetary Policy LIVE Updates

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( RBI ) The Reserve Bank of India‘s Monetary Policy Committee (MPC) made some important decisions recently, and I’ll explain them in simpler terms:

No Change in Interest Rates and Policy Stance:

The RBI decided to keep the repo rate (the interest rate at which banks borrow money from the RBI) the same at 6.5 percent. They also kept their policy stance as “withdrawal of accommodation,” which means they are not planning to make borrowing easier.

Focus on Controlling Inflation:

The RBI is still concerned about inflation (the rising prices of goods and services). They want to keep inflation at 4 percent, not between 2-6 percent. They are watching out for factors like volatile food and energy prices that could affect inflation.

Economic Growth Outlook:

Despite challenges, the RBI believes that India’s economy is doing well due to its strong economic foundations. However, they’re being cautious because of unpredictable factors like energy prices and global tensions.

Growth Forecast Unchanged:

The RBI didn’t change its predictions for India’s economic growth. They expect the Gross Domestic Product (GDP) to grow at 6.5 percent for the fiscal year 2024.

Government Securities Sales:

The RBI might sell government securities to manage the amount of money in the financial system. This helps control inflation. The timing and amount of these sales will depend on how things develop.

Also Read Stock Market Update

Easier Online Payments:

The RBI wants to make online payments more convenient. They are planning to introduce a system called card-on-file tokenisation (CoFT) that will make it easier for people to use their cards for online shopping.

So, in simple terms, the RBI is keeping interest rates steady, focusing on controlling inflation, and making efforts to support economic growth and online payments.

7 thoughts on “The Reserve Bank of India’s (RBI) Monetary Policy LIVE Updates”

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