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RBI’s June 2021 Policy Review Meeting

Published on June 05, 2021
Current Context: The Governor of RBI, Shaktikanta Das headed the monetary policy committee’s (MPC) meeting. The meeting was about the review of policy measures in June 2021.
RBI’s June 2021 Policy Review Meeting
  • 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%
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