The governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced the central bank’s monetary policy decision on Friday after three days of deliberations by its monetary policy committee (MPC).
The six-member MPC meeting was previously scheduled to take place from September 29 to October 1, but was rescheduled due to a delay in the appointment of independent members. The three-day meeting finally started on October 7.
In the previous monetary policy review, on August 6, the RBI had kept the repurchase rate and the reversion unchanged at 4% and 3.35% respectively.
Here are the latest updates:
* Manufacturing Purchasing Managers Index (PMI) rose to 56.8 for September 2020, the highest since January 2012: Shaktikanta Das
* Starting in December, real-time gross settlement (LBTR) will be available around the clock, says Das.
* The RBI stands ready to take further steps as needed to ensure market participants access to liquidity and easy financial conditions: Shaktikanta Das
* Real GDP is expected to decline 9.5% with risks sloping to the downside, Das announces.
* The modest recovery in the first half of the year could be further strengthened in the second half; economic activity to gain traction in the third quarter, says Das
* GDP growth may emerge from contraction and enter a positive zone in the fourth quarter of the current fiscal year, says Shaktikanta Das.
* Inflation is likely to fall to target projected for the fourth quarter of fiscal 21, says RBI Guv
* Focus should shift from containment to reviving the economy, says Das
* Inflation will decline in the next 3 months, and will get closer to the target for the fourth quarter of 2021: RBI governor
* The repurchase rate and the reverse repurchase rate will remain unchanged at 4% and 3.35% respectively, announces RBI Das Governor
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