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RBI Maintains Accommodative Stance, Keeps Repo Rate Unchanged At 4 Per Cent; Announces On-Tap TLTRO Of Rs 1 Lakh Crore
Shaktikanta Das (Photo by Vipin Kumar/Hindustan Times via Getty Images)
Reserve Bank of India (RBI) governor Shaktikanta Das on Friday (9 October) announced crucial policy decisions at the Bank's bi-monthly monetary policy press conference after three days of deliberations of its monetary policy committee (MPC), Hindustan Times reported.
The RBI, taking an important decision, left the repo and reverse repo rates unchanged at 4 per cent and 3.35 per cent respectively.
The central bank kept its policy stance ‘accommodative’ saying that the domestic economy is entering into a decisive phase in fight against coronavirus and that the accommodative stance was maintained to support growth.
“The deep contraction of quarter one is behind us, the silver lining in visible,” the governor said at the press conference. “The mood of the nation has shifted from fear to hope,” Das added.
He further stated that “Real GDP in 2021 is likely to decline by 9.5 per cent but speedy rebound is anticipated.”
RBI governor also announced the facility of on-tap TLTRO for Rs 1 trillion (or Rs 1 Lakh Crore) at 4 per cent till March 2021.
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