Highlights of RBI monetary policy announcements

New Delhi, April 7 dmanewsdesk: ¬†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).

Source: PTI