RBI policy review LIVE: Inflation forecast for FY23 remains unchanged
RBI Monetary Policy Live update: This would be the fourth hike in the policy repo rate by the Reserve Bank of India, which is currently at 5.4%
BS Web Team New Delhi
The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced a 50 basis points (bps) hike in the repo rate to 5.90 per cent on Friday in order to bring elevated inflation back to its target.
CPI inflation for the current financial year is seen at 6.7 per cent, with the price gauge seen at 7.1 per cent in July-September, 6.5 per cent in October-December and 5.8 per cent in January-March. CPI inflation is seen at 5 per cent in the first quarter of the next financial year.
GDP growth in July-September is seen at 6.4 per cent, and that for October-December is seen at 4.6 per cent. The growth in January-March is seen at 4.6 per cent and that for the first quarter of the next financial year is seen at 7.2 per cent.
RBI Monetary Policy LIVE: Criteria for RRBs to provide internet banking to be revised
Regional Rural Banks (RRBs) are currently allowed to provide Internet banking facility to their customers, subject to fulfilment of certain criteria. Keeping in view the need to promote the spread of digital banking in rural areas, these criteria are being rationalised. The revised guidelines will be issued separately: Das
RBI Monetary Policy LIVE: Forex reserve at $537.5 bn as on Sep 23
India’s foreign exchange reserve at US$ 537.5 billion as on September 23, 2022 compares favourably with most peer economies: Das
RBI Monetary Policy LIVE: Net FDI improved to $18.9 bn in April-July 2022 from $13.1 bn a year ago
Net foreign direct investment (FDI) improved to $18.9 billion in April-July 2022 from $13.1 billion a year ago. Foreign portfolio investors (FPIs) have returned to the domestic market with net inflow of US$ 7.5 billion during July-September after an outflow for nine consecutive months: Das
RBI Monetary Policy LIVE: Business sentiment strengthened to its highest in six years
Business sentiment, as reflected in the manufacturing PMI, strengthened with the degree of optimism at its highest in six years: Guv Das
RBI Monetary Policy LIVE: PMI manufacturing indicates sustained expansion at 56.2 in August
India’s manufacturing purchasing managers index (PMI), however, indicates sustained expansion at 56.2 in August: Guv Das
RBI Monetary Policy LIVE: IIP growth (y-o-y) slipped to 2.4% in July
Industrial activity, reflected in the growth of index of industrial production (IIP) (y-o-y), slipped to 2.4 per cent in July: Guv Das
RBI Monetary Policy LIVE: Production of kharif foodgrains as per the first advance estimate is only 0.4% below
The production of kharif foodgrains as per the first advance estimate is only 0.4 per cent below the first advance estimate of last year: Guv Das
RBI Monetary Policy LIVE: The monsoon rainfall was 7% above LPA, says Das
The monsoon rainfall was 7 per cent above the long period average (LPA) as on September 29. Kharif sowing was 1.7 per cent above the normal sown area as on September 23.
RBI Monetary Policy LIVE: Rupee depreciated by 4% since April vs 14% $ appreciation, says Das
Indian Rupee has depreciated by 4% since April vs 14% $ appreciation: Guv Das
RBI Monetary Policy LIVE: Inflation forecast retained at 6.7%
RBI retained the inflation forecast to 6.7% in MPC review
RBI Monetary Policy LIVE: 2022-23 real GDP forecast slashed to 7%
RBI slashed the 2022-23 real GDP forecast to 7.0 per cent vs 7.2 per cent forecast in August.
RBI Monetary Policy LIVE: Repo rate up by 50 bps to 5.9 per cent
Repo rate up by 50 bps to 5.9 per cent
RBI Monetary Policy LIVE: The financial markets are nervous
The financial markets are nervous, but the India economy remains resillient: Das
RBI Monetary Policy review LIVE: Now we are in the middle of third shock wave
Now we are in the middle of third shock wave of central banks raising the rates: Guv Das
RBI Monetary Policy review LIVE: Address to start soon
Address by Governor Shaktikanta Das to begin shortly
RBI retained its CPI-based inflation forecast of 6.7% for the current financial year
Earlier in August, RBI retained its Consumer Price Index (CPI)-based inflation forecast of 6.7 per cent for the current financial year, with risks evenly balanced. The CPI forecast assumes the average price of crude oil for the Indian basket at $105 per barrel.
Rupee weakness likely to pressure RBI on 50-bps rate hike: Analysts
After strengthening sharply against the dollar earlier in the day, the rupee surrendered most gains by the end of trade as importers relentlessly purchased the greenback fearing fresh strength in the US currency, dealers said.
RBI to hike repo rate by 50 bps for 3rd time in a row as rupee slumps
The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 24 of 35 economists surveyed by Bloomberg as of Wednesday. Ten forecast the rate will rise by 35 basis points to 5.75%, while one sees a quarter-point increase.
Topics : Reserve Bank of India Inflation RBI monetary policy RBI repo rate Shaktikanta Das Gross domestic product Forex reserves monetary policy review
First Published: Sep 30 2022 | 8:48 AM IST