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  • Home
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  • DAILY CURRENT AFFAIRS:RBI increases Repo rate and CRR to tackle rising inflation

RBI increases Repo rate and CRR to tackle rising inflation

Tags: Economy/Finance

The Reserve Bank of India (RBI) governor Shaktikanta Das has announced on 4 May 2022 that the monetary policy committee (MPC) has decided to increase the policy repo rate by 40 basis points (0.40%) on rising inflation concern.

The governor said that the April inflation index indicates high food inflation conditions in India and this is likely to continue in the near future.

Steps announced by RBI

Policy Rates 

  • The repo rate was increased from 4% to 4.4 % with immediate effect.  This is for the first time in the last two years that the MPC has increased repo rates. Repo rate was increased last time in August 2018.
  • There was no change in the reverse repo rate and it is 3.35 %.
  • The Standing Deposit Facility (SDF) has been increased from 3.75% to 4.25%.  The interest rate offered on SDF is always 0. 25 % below the repo rate
  • The marginal standing facility has been increased from 4.25% to 4.65%. It has been kept at 0. 25% above the repo rate.
  • The bank rate has been increased to 4.65% from 4.25%. Bank rate and marginal standing facility are always kept the same by the RBI.

Reserve Ratios

  • The Cash Reserve Ratio (CRR) has been increased by 0.50% from 4% to 4.50%. It will be applicable from May 21. It is expected to withdraw around Rs.87000 crores of liquidity from the market.
  • There has been no change in Statutory Liquidity Ratio (SLR). It is 18%

Other Important points of RBI announcement 

  • The RBI expects the Indian economy to grow by 7.2% in 2022-23. In its earlier forecast it had expected the Indian economy to grow by 7.8%.
  •  It has revised its inflation projection from 4.5% to 5.7% in 2022-23.
  •  The average surplus liquidity in the market in April was around 7 Lakh crore.

Note: 100 basis points (bps) is equal to 1%   

For Monetary Policy Committee kindly see 3 May 2022 post 

Also see 8 April 2022 post 

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