Reserve Bank of India Governor Shaktikanta Das kept the GDP growth projection for fiscal year 2021-22 unchanged at 10.5%. The RBI Governor made the announcement at the end of the press speech, following the 3-day review meeting that began on Monday.
Meanwhile, RBI Governor Shaktikanta Das has kept key rates unchanged. The central bank kept the repo rate – the key interest rates at which the RBI lends money to commercial banks – unchanged at 4% and the reverse repo rate – the rate at which the RBI borrows from banks – unchanged at 3.35%. The RBI governor also said the bank would continue to take an accommodative stance “for as long as needed to mitigate the impact of the COVID-19 pandemic.”
The recent surge in Covid19 cases must be closely watched, the RBI governor said.