RBI Monetary Policy: Reserve Bank has not made any change in interest rates, your EMI will not decrease
New Delhi. The three-day review of the Monetary Policy Committee of the Reserve Bank of India every two months has come to an end. RBI Governor Shaktikanta Das has announced the review of monetary policy on Friday. Shaktikanta Das has announced that there will be no change in interest rates and the repo rate has been retained at 4 per cent. At the same time, the reverse repo rate remains unchanged at 3.5 percent. Because of this, there will be no change in EMI also. Shaktikanta Das said that in view of the current situation, this year i.e. in the financial year 2021-22, the Consumer Price Index based (retail inflation) may remain at 5.1 percent.
CPI inflation forecast to be 5.1 percent in 2021-22
RBI Governor Das said that the real GDP growth rate in 2021-22 is estimated at 9.5 percent. It will be 18.5 percent in the first quarter, 7.9 percent in the second quarter, 7.2 percent in the third quarter and 6.6 percent in the fourth quarter. CPI inflation is projected to be 5.1 per cent in 2021-22.
Economic growth forecast to be 9.5 percent from 10.5 percent
The RBI governor said that a normal monsoon will help in improving the condition of the economy. The recent fall in inflation has provided some room. Policy support is needed from all sides to bring economic growth back on track. RBI estimates that the Reserve Bank has reduced the economic growth forecast for the current financial year from 10.5 per cent to 9.5 per cent.
Relief to tourism and hospitality
During the crisis of Corona, the tourism and hospitality sector has not got any relief from the government. Now these sectors are getting relief through the Reserve Bank. In the review of monetary policy by the RBI Governor, these sectors will be given relief through banks. The Governor of the Reserve Bank said that the cash arrangement of Rs 15 thousand crore will go to the banks. With this, banks will be able to give affordable loans to hotels, tour operators, restaurants, private buses, salons, aviation ancillary services operators etc.