New Delhi
Following are the highlights of RBI's monetary policy for 2021-22:
RBI keeps policy rate unchanged for fifth time in a row; repo at 4 pc
Economic growth projection for current fiscal retained at 10.5 pc
RBI to maintain accommodative monetary policy stance to support growth, keep inflation at targeted level
Says recent surge in COVID-19 infections has created uncertainty over economic recovery, focus be on containing virus spread
Projects 26.2 pc and 8.3 pc growth in June and September quarters; 5.4 pc and 6.2 pc in December and March quarters respectively
Retail inflation projection revised to 5 pc in March quarter 2020-21
Projects retail inflation at 5.2 pc in June and September quarters
Gains from inflation targeting framework of 4 pc (+/- 2 pc) since 2016 reinforced by the retention of the target and the tolerance band by the government for next five years
To ensure ample liquidity in system so that productive sectors get adequate credit
Rs 50,000 crore additional liquidity facility to NABARD, NHB and SIDBI for fresh lending
Will continue to do whatever it takes to preserve stability and to insulate financial firms from global spillovers
Enhances maximum balance limit at end of the day from Rs 1 lakh to Rs 2 lakh per individual customers of payments banks
To set up a committee for comprehensive review of the working of Asset Reconstruction Companies (ARCs).
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