RBI policy: CPI-based inflation to GDP growth, key numbers at a glance

The Reserve Bank on Thursday expectedly left interest rates unchanged amid uncertain inflation outlook but left the door open for more easing in future even as it took steps to spur credit growth in an economy facing its worst slowdown in more than a decade. Here are the key numbers:

• CPI projection revised upwards to 5.4-5.0% for H1FY21 from 4-3.8% in December policy

• GDP growth forecast for H1FY21 reduced to 5.5-6% from 5.9-6.3% in the earlier policy

• Revises liquidity management framework; keeps weighted average call rate as operating target

• Long-term repo operations to be conducted fortnightly to improve monetary transmission

• Incentivises banks to lend to productive sectors by allowing some exemptions in cash reserve ratio

• Extends external benchmarking of floating-rate loans by banks to medium enterprises

• Extends one-time restructuring scheme for GST-registered MSMEs

• Permits delay of commencement of commercial operations of project loans by one year

• Allows regional rural banks to act as merchant acquiring bank using Aadhaar Pay–BHIM app, PoS terminals

• Draft revised regulations on housing finance companies likely by the end of February 

• Decides to issue directions for exchange of variation margin for OTC derivatives

• Proposes to account for all rupee interest rate derivate transaction including foreign related entities, in India

• Digital payments index to capture details related to digital payments will be available from July

• Proposes establishment of self-regulatory organisation for digital payment

• Cheque truncation system will be made available by September