RBI Monetary Policy April 2022- Highlights
The Reserve Bank of India led by Governor Shaktikanta Das has released the monetary policy update for April 2022.
- The Policy Repo Rate has been kept unchanged at 4 percent.
- The Marginal Standing Facility (MSF) rate remains unchanged at 4.25 percent.
- The Bank Rate also remains unchanged at 4.25 percent.
- Reverse Repo Rate is 3.35 percent.
- The Cash Reserve Ratio (CRR) is 4 percent.
- The Statutory Liquidity Ratio (SLR) is 18 percent.
About the Monetary Policy Committee
The six-member Monetary Policy Committee is headed by Shaktikanta Das, the RBI governor. The other members are Dr. Michael Debabrata Patra, Deputy Governor of the RBI, Dr. Mridul K. Saggar, an RBI officer who is nominated by the Central Board, Prof. Ashima Goyal, Indira Gandhi Institute of Developmental Research, Prof. Jayanth R Varma, professor of finance at IIM Ahmedabad, and Dr. Shashanka Bhide, a senior adviser with the National Council of Applied Economic Research, New Delhi.
- For Bharat Bill Payments System Operating Units, the net worth requirement has been lowered to Rs 25 crore from Rs 100 crore.
- The risk weights rationalization for the individual housing loans has been extended till 31st March 2023.
- The current account deficit is seen by the RBI to be at sustainable levels and the forex reserves at USD 606.5 billion.
- In 2022-23 inflation is projected at 5.7 percent, with 6.3 percent for Q1, 5 percent for Q2, 5.4 percent for Q3, and 5.1 percent for Q4.
- The 10-year bond yield of the country has risen to 7 percent which is the highest since the year 2019.
The forecast for GDP growth has been lowered to 7.2 percent due to the ongoing Russia Ukraine War. The earlier forecast by the RBI was 7.8 percent.
Announcement regarding withdrawal of money from ATMs
The RBI announced the citizens of the nation can now withdraw money from ATMs without the usage of any cards in all the banks across India. This decision has been taken to boost the Digital India initiative.
Category: Economy & Banking Current Affairs - 2022
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