New Delhi [India], Apr 6 : The Reserve Bank of India (RBI) on Thursday kept its repo rate unchanged at 6.25 percent, but made changes in the reverse repo rate at 6 percent after all the six members of the monetary policy committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, voted in favour of the decision.
"For 2017-18, inflation is projected to average 4.5 percent in the first half of the year and 5 percent in the second half," said Reserve Bank of India (RBI) Governor Urjit Patel.
He said that the MPC believes that the inflation developments have to be closely and continuously monitored, with food price pressures kept in check so that inflation expectations can be re-anchored.
Patel further added that there is scope for transmission of rates.
New Delhi [India], Apr.6 : Reserve Bank of India (RBI) Governor Urjit Patel, along with the Monetary Policy Committee (MPC), will announce their first bi-monthly monetary policy of the current financial year today.
In its last policy review of the previous fiscal in February, the RBI kept its key policy rate or the repo rate unchanged at 6.25 percent for the second time in a row with marginal standing facility rate, reverse repo rate and the bank rate unchanged.
In October, Urjit Patel's first policy review as the RBI Governor, which was also the maiden review of the MPC, the repo rate was reduced by 0.25 percent to 6.25 percent.
Since then, the repo rate has been retained at 6.25 percent. However, since January 2015 the RBI has cut repo by 1.75 percent.
New Delhi [India], Jan 20 : Reserve Bank of India (RBI) Governor Urjit Patel on Friday told the Public Accounts Committee (PAC) that the cash crunch in the country post the November 8 demonetisation drive will normalise with the passage of time.
Sources said the central banking institution also informed the PAC that specific agencies like Financial Intelligence Unit and Income Tax Dept are looking into abnormal deposits.
Explaining demonetisation to the PAC members, the RBI Governor informed them about the efforts being made to normalise the situation of cash crunch in rural areas. He also threw light on the efforts being made to normalise the situation in urban areas.
New Delhi [India], Jan. 18 : The meeting of Parliament's Standing Committee on Finance with the Governor of the Reserve Bank of India (RBI) Urjit Patel over demonetisation and its aftermath began here this morning.
The committe is led by Congress leader Veerappa Moily. Former prime minister Manmohan Singh is also a part of the committee.
In the meeting, Patel is expected to face questions over the criticism that the RBI compromised its autonomy in order to toe the line of the government.
Senior officers, including Banking Secretary Anjuly Chib Duggal, Department of Economic Affairs Secretary Shaktikant Das and Revenue Secretary Hasmukh Adhia will also attend the meeting and brief the committee about demonetisation and its impact on the economy.
New Delhi [India], Dec 6 : The meeting of the six-member Monetary Policy Committee (MPC) will begin today amid widespread expectations of at least 0.25 percent rate cut in policy rates to cushion the impact of demonetisation.
This will be the second meeting of the MPC headed by RBI Governor Urjit Patel after October, where the central bank had announced a rate cut of 0.25 percent to 6.25 percent.
This will be the first monetary policy review after demonetisation of old Rs. 500 and Rs. 1,000 currency notes, following which banks witnessed surge in deposits.
According to the banking sector, it's difficult to predict what the monetary policy committee will now decide.
"There are chances of like 25-50-basis point cut by the RBI," said SBI Managing Director Rajnish Kumar.
New Delhi [India], Oct 4 : In his first interaction with economists as the Reserve Bank of India (RBI) Governor, Urjit Patel has downplayed the risk of inflation sighting several factors including the Goods and Services Tax (GST).
The RBI chief makes it a point to meet the country's influential economists and the industry big-wigs before announcing the monetary policy.
During these meetings, the RBI usually does not reveal its plans for the future but instead is keen on the suggestions put forth by the people.
Secondly, the point which downplays the risk of inflation was that the Monetary Policy Committee (MPC) going forward may accept growth as one of its objectives, which could be a significant departure from the policy stance.
Newly appointed Deputy Governor Urjit Patel will oversee the Reserve Bank of India's monetary policy department and communication, statistics & information management departments among other functions, the central bank announced.
Renowned economist Mr. Patel, 49, took charge as deputy governor of the RBI on Monday, just around two weeks prior to a crucial monetary policy review.