MUMBAI: The Reserve Bank of India (RBI) on Wednesday left interest rates unchanged in its monetary policy.
RBI Governor Sakthikantha Das further said:
The impact of the new type of omega micronutrient on the country’s economy is unpredictable. In view of this uncertain environment, there has been no change in interest rates on loans to support continued economic growth. The interest rate has been kept at an all-time low for the eighth consecutive time.
Following this decision by the Reserve Bank, the interest rate on loans to banks will remain at 4 per cent. Similarly, the reverse repo rate on banks’ deposits with the Reserve Bank will remain unchanged at 3.35 per cent.
Although the country’s economy has recovered from a severe recession in April-June, it is still not strong enough to be self – sustaining and sustainable.
Therefore, the economic growth estimate for the current financial year will remain unchanged at 9.5 per cent. Inflation is estimated at 5.3 percent.
Banks will be allowed to invest in their branches abroad if they meet certain disciplinary requirements for capital requirements.
Frauds in digital currency have been on the rise in recent times. The chances of this fraud are also high. Therefore, cyber security has emerged as a key concern. He said we need to be very wary of digital scams.