New Delhi: The Reserve Bank of India kept its key rates unchanged at 4%. Apex Bank Governor Shaktikanta Das said RBI has managed to navigate rough seas. With the outbreak of the European war, we are faced with new and enormous obstacles. The European Union conflict has the potential to disrupt the global economy.
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), headed by RBI Governor Shaktikanta Das, has unanimously decided to keep the repo rate at 4%. The MPC Committee maintains the reverse repo rate at 3.35%.
Governor Das said the global economy has undergone a tectonic shift.
“Strong buffers, such as large foreign exchange reserves, a significant improvement in external indicators and the strengthening of the banking sector, have reassured us over the past few years. We at the RBI are resolute and ready to pull the economy out of the current quagmire,” Das said.
The anticipated benefits of Omicron’s ebb have been offset by geopolitical circumstances since the last meeting. Introduce a permanent deposit facility that will serve as the basis for the liquidity adjustment facility corridor. Global inflation projections have increased, raising the potential for a significant impact on global output across all regions. Cost pressures and supply chain disruptions are expected to persist, the RBI governor said.
Regarding bank rates, RBI Governor Das said MSF and bank rates also remained stable.
The RBI Governor further stated that in order to prevent fraud, cardless cash withdrawals will be available through UPI at all bank branches and ATMs. Propose guidelines to these operators to secure payment systems.