In keeping with the market expectations, the Reserve Bank of India's newly-formed Monetary Policy Committee (MPC) decided to keep key lending repo rate unchanged at 4 per cent. The newly-constituted MPC began its three-day deliberations on Wednesday, amid expectations that the RBI will maintain status quo on the benchmark lending rates in view. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed.
Check out all the latest updates on RBI's MPC meet outcome on BusinessToday.In live blog
10.36 AM: The RBI governor says the MPC has proposed to extend the RTGS (Real-time gross settlement) payment facility to round-the-clock from December 2020. India will be among select few countries to have this facility. For this, payment system operators to be licenced on a perpetual basis, the RBI Governor said.
10.30 AM: The governor says the deep contraction in economy, which was experienced in first quarter, is now behind us. He adds that the silver lining is visible as Covid-19 cases starts declining in India.
10.27 AM: The RBI governor says weighted average cost of borrowing in the first half of the fiscal year stands at 16-year low of 5.82 per cent.
10.20 AM: The RBI governor says India will see a "3-speed recovery", though it will vary from sectors-to-sectors. The Governor said agriculture, power, consumer goods, pharma and two-wheelers will see quick recovery.
10.18 AM: The RBI Bi-monthly policy decisions
- Repo rate (unchanged): 4%
- Reverse repo rate (unchanged): 3.35%
- Stance: Accommodative
10.16 AM: The central bank, in its first official estimate of the FY21 GDP, has said it expects the GDP growth to contract by 9.5 per cent amid the coronavirus outbreak in India.
10.12 AM: The RBI has also kept MSF rate and bank rate unchanged.
Monetary Policy Committee (MPC) voted unanimously to keep policy repo rate unchanged at 4%. MPC also decided to continue with the accommodative stance of monetary policy as long as necessary at least through the current financial year & next year: Shaktikanta Das, RBI Governor pic.twitter.com/A2fEuo1oL7— ANI (@ANI) October 9, 2020
10.11 AM: The RBI governor says the MPC has decided to continue with "accommodative" stance.
10.10 AM: The RBI Governor Shaktikanta Das says the monetary policy committee has voted unanimously to keep repo rate unchanged.
10.00 AM: The RBI keeps the repo rate unchanged at 4 per cent.