New Delhi: The RBI Monetary Policy Committee (MPC) meeting concluded today. After meeting the RBI Governor Shaktikant Das has announced many more changes ranging from interest rates to small borrowings. Governor made 10 big announcements of this meeting and how it will benefit citizens of India.
· RBI has decided not to change the interest rates. Repo rate remains at 4%.
· The MPC has unanimously decided that the reverse repo rate will remain at 3.35 %
· RBI Governor Shaktikanta Das said that the rural economy has improved. Food grains produced in the current financial year recorded to be increased. Migrant laborers have returned to the cities once again.
· E-commerce has increased and people are returning to office. It is expected that inflation will moderate during the fourth quarter of fiscal year 2021.
· Das said that there is hope for a boom in the economy. We are thinking of a better future. Things are getting better in all sectors. Hope of positive growth is showing.
· The outlook for Rabi crops is looking better. Instead of stopping the crisis of pandemic now, the focus is more on economic reforms.
· RBI has announced that RTGS can be done at any time from December 2020.
· A slowdown of 9.5 % in GDP for FY 2021 can be seen. The PMI increased to 56.9 in the month of September, the highest since January 2012.
· The average cost of borrowing in the first half of the current financial year is 5.82%, the lowest in 16 years.
· Interest subsidy given by cooperative banks at the rate of 2% on loans given to micro, small and medium enterprises (MSMEs) has been extended till 31 March 2021. The Reserve Bank of India and informed the change in terms of the scheme.