The RBI Monetary Policy Committee has kept the Repo Rate unchanged at the rate of 4 per cent as long as necessary while maintaining it an ‘accommodative stance’ to mitigate the impact of COVID-19 pandemic.
The Rbi Governor Shaktikanta Das has announced that the decision was taken unanimously and added that the Reverse Repo Rate will also remain same at the rate of 3.35 per cent.
It is the fifth time in a complete row that the RBI has maintained a policy rate. Shaktikanta Das has said that the Central Bank will keep inflation at the fixed targeted level and also added that the recent rise in COVID-19 cases has created much uncertainty over the Economic Growth recovery.
Speaking about the Economic Growth for this Financial Year (2021-22), Das has said that the MPC has kept the GDP estimate for FY 2022 unchanged at 10.5 percent. The first quarter of GDP is estimated to be around 26.2 percent, and second quarter Q2 8.3 %, then 5.4% in the third quarter, and 6.2 % in the fourth quarter.
The Central Bank’s Committee of Monetary Policy has cut rates by 135 basis points over the five Straight Meetings last year. However, it has kept the policy Repo Rate unchanged at 5.15% due to growing concerns over Inflation in December last year.
Central Bank of India, that is RBI is likely to maintain benchmark interest rate in its first monetary policy meeting of this fiscal, which is scheduled on 7th April.
After continuous cutting of Interest Rates, some banks have started increasing all the rates of Long-term FDs. For example, Canara Bank has raised the interest Rate on FDs with tenure of 2 to 10 years. With effect from Jan 8, 2021, SBI has hiked the interest rate of FDs with more than one year but less than two years. SBI has not only cut the interest rate on FDs since September 2020, this is after RBI has kept all the policy rates unchanged since its August 2020 Bi-monthly monetary policy.
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