Latin Manharlal Chat
BSE Prices delayed by 5 minutes...
     Prices as on Jun 18, 2021     
  ABB India 1740.8 [ 1.50% ]
  ACC 2029.3 [ -0.56% ]
  Axis Bank Ltd. 736.55 [ -0.22% ]
  Bank of Baroda 80.15 [ -2.08% ]
  Bharti Airtel 538.9 [ 1.93% ]
  Bharat Heavy Ele 64.3 [ -1.83% ]
  Bharat Petroleum 472.5 [ -0.96% ]
  Britannia Ind. 3629.7 [ -0.79% ]
  Cipla 960.25 [ 0.98% ]
  Coal India 146.55 [ -3.62% ]
  Colgate Palm. 1689 [ -1.77% ]
  Dabur India 577.3 [ 0.74% ]
  DLF Ltd. 294.7 [ -0.71% ]
  Dr. Reddy's Labs 5284.6 [ -0.07% ]
  GAIL (India) Ltd. 155.1 [ -3.39% ]
  Grasim Inds. 1480.95 [ 1.61% ]
  HCL Technologies 975.2 [ -1.13% ]
  HDFC 2487.65 [ 0.03% ]
  HDFC Bank 1479.85 [ 0.95% ]
  Hero MotoCorp 2892.25 [ -0.77% ]
  ICICI Bank 630.25 [ -0.36% ]
  IDFC L 53.8 [ -1.74% ]
  IndusInd Bank 994.9 [ 1.08% ]
  Infosys 1504.5 [ 0.50% ]
  ITC Ltd. 204.6 [ -0.44% ]
  Jindal St & Pwr 388.35 [ -1.89% ]
  L&T 1475.55 [ -0.87% ]
  Lupin Ltd. 1157.15 [ -0.47% ]
  Mahi. & Mahi 781.9 [ -2.92% ]
  MTNL 21.1 [ -3.21% ]
  Nestle India 17678.3 [ -2.08% ]
  NIIT Ltd. 264.1 [ -0.08% ]
  NMDC Ltd. 178.15 [ -0.95% ]
  NTPC 113.55 [ -3.16% ]
  ONGC 120.35 [ -3.72% ]
  Punj. NationlBak 40.3 [ -1.95% ]
  Power Grid Corpo 233 [ -2.80% ]
  SBI 412.8 [ -1.76% ]
  Vedanta 251.85 [ -3.58% ]
  Shipping Corpn. 109.8 [ -2.27% ]
  Sun Pharma. 668.4 [ 0.56% ]
  Tata Chemicals 714.8 [ -1.54% ]
  Tata Motors Ltd. 337.55 [ -2.33% ]
  Tata Steel 1091.3 [ -1.12% ]
  Tata Power Co. 121.4 [ -2.02% ]
  Tata Consultancy 3297 [ -0.70% ]
  Tech Mahindra 1070.75 [ -0.88% ]
  United Spirits 672.5 [ 1.46% ]
  Wipro Ltd 550.1 [ -1.57% ]

News Details

RBI keeps policy rate unchanged for 6th time in a row; cuts growth forecast to 9.5%

Back
04/06/2021 10:50
The Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second COVID wave. This is the sixth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained status quo. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

MPC decided to maintain status quo, that is keeping benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review on Friday.

Consequently, the reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.

Das said MPC voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

The central bank lowered its estimate for economic growth to 9.5 per cent for the current fiscal from earlier projection of 10.5 per cent due to the impact of the second COVID wave.

This is the first MPC meeting after official data showed that Indian economy contracted 7.3 per cent in the last fiscal, weighed down by nationwide lockdown that pummelled consumption and halted most economic activities.

With regard to inflation, the governor said that retail inflation is likely to be 5.1 per cent during the current fiscal.

MPC has been given the mandate to maintain annual inflation at 4 per cent until March 31, 2026, with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent.