Highlights of RBI Policy: The Reserve Bank of India (RBI) has announced the Monetary Policy on 5 February. There is no change in the repo rate in this and it has been retained at 4 percent. The reverse repo rate also remains at 3.35 per cent. The RBI governor has predicted a GDP growth rate of 10.5 per cent for the fiscal year 2021-22. Also, in the fourth quarter of the current financial year, the target of retail inflation has been revised to 5.2 per cent. Apart from this, RBI Governor Shaktikanta Das has announced some important things while announcing the policy, which will affect the common man. Information about some such important items is being given here.
Gilt account with RBI
Now retail investors can deal in government bonds. Common investors can transact in both primary and secondary markets through the Reserve Bank of India. Now anyone can open a gilt account in the RBI to transact in government bonds. With this decision, India is now included in the list of countries where common investors deal in government bonds through Central Bank.
The RBI said that inflation has come down and it has come down from the tolerance level of 6 percent. Retail inflation has come down to 6 per cent due to fall in vegetable prices and a favorable base. The RBI revised the retail inflation estimate for the first half of FY 2022 from 4.6 to 5.2 per cent to the earlier estimate of 5 to 5.2 per cent.
The Reserve Bank said that to overcome any kind of problem faced by people in digital payment services, all payment system operators will have to start a 24 × 7 helpline.
Growth will be in double digits
The RBI governor has predicted a GDP growth rate of 10.5 per cent for the fiscal year 2021-22. RBI says that economic growth is expected to pick up pace with vaccination. RBI said that the confidence of consumers is returning and business activities and expectations of manufacturing sector are gaining momentum.
One country one Lokpal
The Reserve Bank Governor said that at present there are three separate ombudsmen (Ombudsman) for banks, NBFCs and non-bank prepaid payout issuers (PPIs). For this, the Reserve Bank has set up around 22 Lokpal offices. For this, there will be an attempt to create a system of ‘one country one Lokpal’ while unifying everyone.
TLTRO for NBFC
The RBI governor said that funds are now available to NBFCs from banks through the TLTRO (Targeted Long Term Repo Operations) scheme. It also said that banks are being made available to meet their liquid requirements. The Marginal Standing Facility (MSF) has been extended till 30 September 2021.
CTS facility in all branches
The Reserve Bank said that the Check Truncation System (CTS) will be implemented in all branches of all banks. At present, about 18,000 branches do not have this facility.