MPC in 2 minutes: Here're the key development and regulatory steps

MPC DECISIONS

• The Committee unanimously decided to keep benchmark rates unchanged 
• But, continuation with accommodative stance was decided by a 5:1 majority, with Jayanth R Varma dissenting
• Headline inflation has been projected at 5.7% for FY22, 5.9% in Q2FY22, 5.3% in Q3FY22, 5.4% in Q4FY22, and 5.1% in Q1FY23
• GDP growth estimate in FY22 is at 9.5%, with 
• Q1 growth at 21.4%, Q2 at 7.3%, Q3 at 6.3%, and Q4 at 6.1%

REGULATORY DECISIONS

• RBI extended the on-tap targeted long term repo operations (TLTRO) scheme till December 31
• Banks can now avail of funds under the marginal standing facility for another three months up to December 31
• RBI has permitted banks to extend export credit using any other Alternative Reference Rate in the currency concerned
• To conduct two more GSAP auctions of Rs 25,000 crore on Aug 12, Aug 26