- During the meet, it was announced to keep key lending rates unchanged for the sixth consecutive time.
- The MPC decided to continue with the previous lending rates to mitigate the impact of COVID-19.
- Following are the policy measures taken by the RBI:
- The Policy Repo Rate is kept at 4%, the Reverse Repo Rate is kept at 3.35%.
- The Marginal Standing Facility Rate is at 4.25%, Bank rate at 4.25%.
- The CRR is at 4% and the SLR is kept at 18%.
- The central bank has projected India’s GDP growth to be at 9.5% for the FY2021-22. Earlier it had projected India’s GDP to be at 10.5% for the same fiscal year. But due to the second wave of pandemic and its impact on the economy, the RBI has reduced the GDP forecast for India.
- Also, the India’s GDP contracted at -7.3% for FY21.
- Also, the projection for Consumer Price Index (CPI) inflation is at 5.1% for FY 2021-22.
- RBI Governor announced that G-SAP 2.0 worth Rs 1.2 lakh crore will be taken in the second quarter of FY22 to support the market.
- Members of MPC are: Dr Michael Debabrata Patra, Dr Mridul K. Saggar, Prof. Ashima Goyal, Prof. Jayanth R Varma, Dr Shashanka Bhide.
- Static Part:
- HQ of RBI: Mumbai
- 25th Governor of RBI: Shaktikant Das
- Founded: 1 April 1935, Kolkata.
Question:
Q.1 What was the Reverse Repo Rate kept during the RBI’s Monetary Policy Committee meeting held in June 2021?
a. 4.25%
b. 3.25%
c. 4.35%
d. 3.35%
a. 4.25%
b. 3.25%
c. 4.35%
d. 3.35%
