Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das:
Photograph: PTI Photo
Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%.
Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target.
GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23.
Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
Escalating geopolitical
tensions to cast a shadow on economic outlook.
Robust Rabi output to support recovery in rural demand, pick-up in contact-intensive services.
Investment activity to gain traction with improving business confidence, pick up in bank credit, government capex plans.
Opening time for RBI regulated financial markets to be restored to pre-pandemic timing of 9:00 am from April 18.
Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years.
Rationalised housing loans norms extended till March 31, 2023.
RBI will come out with a discussion paper on climate risk and sustainable finance.
Committee to be set up for review of customer service standards in RBI regulated entities.
Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.