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RBI to announce its bi-monthly monetary policy today

The Reserve Bank will announce its final bi-monthly monetary policy review for the financial year 2020-21 today. The meeting of the six-member Monetary Policy Committee headed by RBI Governor Shaktikanta Das will conclude this morning with the policy announcement scheduled for 10 a.m. Mr. Das is also scheduled to address a press conference at 12 noon.

It may be recalled that the committee has kept the interest rates unchanged in its last three reviews, maintaining repo rate at four per cent and the reverse repo rate at 3.35 per cent.

The RBI had last revised its policy rate on 22nd of May last year; to perk up demand by cutting interest rate to a historic low. RBI can take support from the Economic Survey which expects a rebound of the economy with a 11 per cent growth in the next fiscal.

The policy gains a lot of significance as it is being presented in the backdrop of the most welcomed Union Budget by all the sectors in the country. The committee had kept the interest rates unchanged in its last three reviews, so it will be interesting to see what kind of stand is taken by the Monetary Policy Committee this time.

AIR correspondent reports that  the Reserve Bank is going to announce the final policy review for this financial year today in the backdrop of the recently presented budget, the policy review will have many driving factors like focus on growth revival,  liquidity, massive push to infrastructure, post budget investors sentiments and decline in retail inflation.

However, the economists are expecting an accommodative stand by the apex bank in the backdrop of the current scenario in the country. It may be recalled that the committee has kept the interest rates unchanged in its last three reviews, maintaining repo rate at four per cent and the reverse repo rate at 3.35 per cent.

The RBI had last revised its policy rate on 22nd of May 2020; to perk up demand by cutting interest rate to a historic low.

Economic Survey had said that there are expectations of a rebound of the economy with a 11 per cent growth in the next fiscal and this can be another supporting factor for RBI to decide the future course of action. 

 

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