RBI's first monetary policy of 2022-23: Check highlights

Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das:
RBI Governor Shaktikanta Das
RBI Governor Shaktikanta DasFile
1.

Policy repo rate unchanged at 4 pc; marginal standing facility rate & bank rate too remain unchanged at 4.25 pc.

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2.

Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target.

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3.

GDP growth projection for FY'23 slashed to 7.2 pc from 7.8 pc; growth projections based on assumption of crude oil (Indian basket) price at USD 100 a barrel during FY'23.

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4.

Inflation forecast hiked to 5.7 pc for FY'23 from 4.5 pc.

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5.

Escalating geopolitical tensions to cast a shadow on economic outlook.

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6.

Robust Rabi output to support recovery in rural demand, pick-up in contact-intensive services.

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7.

Investment activity to gain traction with improving business confidence, pick up in bank credit, government capex plans.

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8.

Opening time for RBI regulated financial markets to be restored to pre-pandemic timing of 9:00 am from April 18.

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9.

Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years.

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10.

Rationalised housing loans norms extended till March 31, 2023.

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11.

RBI will come out with a discussion paper on climate risk and sustainable finance.

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12.

Committee to be set up for review of customer service standards in RBI regulated entities.

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13.

Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.

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