The Reserve Bank of India has decided to retain the policy rate for the fourth time in a row, RBI Governor Shaktikanta Das said today, adding that the central bank is closely monitoring inflation. The governor said the Monetary Policy Committee (MPC)
Here are the top quotes from the RBI governor’s address:
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“India is poised to become new growth engine of world. Domestic economy exhibits resilience on back of strong demand.”
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“RBI retains GDP growth forecast for current fiscal at 6.5 pc with risks evenly balanced.”
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“Indian forex reserves stood at $586.9 billion as on September 29.”
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“Inflation is likely to ease in September. Central bank forecasts retail inflation at 5.4 pc for 2023-24. Retail inflation to moderate to 5.2 per cent in next year from the current level of 6.8 per cent. Our inflation target is 4 per cent, not 2 to 6 per cent; we remain vigilant to evolving inflation target,”
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“Indian banking system continues to be resilient on back of improved asset quality.”
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“RBI has decided to double the gold loan under bullet payment scheme to Rs 4 lakh for Urban Cooperative Banks”
