new Delhi. The six-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das will announce the review of monetary policy today. This is the 24th meeting of the MPC. Experts on the RBI's monetary policy review say the central bank can avoid cutting interest rates today, but may announce other measures, such as loan restructuring, to bring the economy affected by the Corona virus crisis back on track.
The government is ready to take all possible steps to provide relief to the common people from this crisis of Corona. Finance Minister Nirmala Sitharaman has indicated to carry forward the relief given on EMI. He said in the FICCI program that talks are going on regarding the loan moratorium.
Considering the economic impact of the corona infection, the RBI granted the moratorium facility for three months in March. This facility was implemented for three months from March to 31 May. Later RBI extended it for three months and extended it till 31 August.
The retail inflation rate has been more than six per cent and is outside the purview of RBI. In such a situation, many experts are assuming that the RBI can stop its move in the case of repo rate cut. The repo rate has been cut by 1.5 per cent since February. Banks have also reduced interest on new loans by 0.72 per cent. Therefore, it seems unlikely that the Reserve Bank will cut policy interest rates. However, some banks and experts believe that the central bank may cut the repo rate by one-fourth percent this time.
This post was published on August 6, 2020 11:40 am
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