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MPC FOCUSES ON STABLE INFLATION, LIQUIDITY BOOST
Mint Mumbai
|December 07, 2024
RBI has been prudent with its policy rate, took needed steps to boost banking system liquidity
The Reserve Bank of India's (RBI) monetary policy on 6 December voted 4:2 to keep the policy repo rate unchanged at 6.50%. Two of the external members, Dr. Nagesh Kumar and Professor Ram Singh voted to reduce the policy rate by 25 basis points (bps), while other four members voted to maintain the status quo on rates.
All members of Monetary Policy Committee (MPC) unanimously decided to continue with the neutral stance and to remain unambiguously focused on durable alignment of inflation with the target, while supporting growth.
To support the overall liquidity conditions, the RBI decided to lower the cash reserve ratio (CRR) to 4% from 4.50%.
GDP and inflation forecasts revised The RBI lowered the real gross domestic product (GDP) growth forecast for FY25 to 6.6% from 7.2%. Moreover, the Q1FY26 GDP forecast has been reduced to 6.9% from 7.3% while forecasting the growth at 7.3% for Q2FY26.
This story is from the December 07, 2024 edition of Mint Mumbai.
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