RBI Monetary Policy Committee Meeting – No Change in Repo Rate. The Reserve Bank of India (RBI) has conducted the Monetary Policy Committee on October 9, 2020. The India’s Central Bank also predicted that the GDP for the fiscal year 2021 is contracting at 9.5%.
- The meeting was attended by economists Jayant R Varma, Shashank Bhide and Ashima Goyal. Also, the Government of India recently appointed Rajeshwar Rao as the Deputy Governor
- The repo rate was kept steady at 4 per cent.
- Reverse Repo Rate was kept unchanged at 3.35% as before
- OMO of Rs 20,000 crores is to be conducted
- The Ways and Means Advance Limits of the Centre is kept at Rs 1.25 lakh crores
- The bank announced on-tap TLTRO for Rs 1 trillion at 4% till March 2021.
- The bank predicts that the GDP for the fiscal year 2021 is contracting at 9.5% with chances of strong rebound.
What is Monetary policy:
Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy.
- What is the most widely used tool of monetary policy? – Open Market Operations
- Who is responsible for the supply of coins in the India? – Ministry of Finance
- RBI increases the rate of interest in the situation of: Lower inflation
- BASEL III Norms become effective from: January 2013
- RBI has relaxed norms for which of the following bonds? – Masala bonds& Rupee denominated overseas bonds
- RBI has tightened the rules around JLFs. What does JLF stand for? – Joint Lenders Forum
- According to RBI, India’s forex reserves rose to which record high? – USD 372.73 billion
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