Highlights of RBI monetary policy announcements
New Delhi, Apr 7: Following are the highlights of RBI's monetary policy for 2021-22:
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RBI keeps policy rate unchanged for fifth time in a row; repo at 4 pc
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Economic growth projection for current fiscal retained at 10.5 pc
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RBI to maintain accommodative monetary policy stance to support growth, keep inflation at targeted level
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Says recent surge in COVID-19 infections has created uncertainty over economic recovery, focus be on containing virus spread
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Projects 26.2 pc and 8.3 pc growth in June and September quarters; 5.4 pc and 6.2 pc in December and March quarters respectively
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Retail inflation projection revised to 5 pc in March quarter 2020-21
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Projects retail inflation at 5.2 pc in June and September quarters
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Gains from inflation targeting framework of 4 pc (+/- 2 pc) since 2016 reinforced by the retention of the target and the tolerance band by the government for next five years
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To ensure ample liquidity in system so that productive sectors get adequate credit
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Rs 50,000 crore additional liquidity facility to NABARD, NHB and SIDBI for fresh lending
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Will continue to do whatever it takes to preserve stability and to insulate financial firms from global spillovers
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Enhances maximum balance limit at end of the day from Rs 1 lakh to Rs 2 lakh per individual customers of payments banks
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To set up a committee for comprehensive review of the working of Asset Reconstruction Companies (ARCs).
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
