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A 3-day monetary policy meeting begin at RBI

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On Tuesday, the Reserve Bank’s rate-setting panel began its three-day deliberations to determine the next monetary policy in light of Budget 2022-23, inflationary worries, and the changing geopolitical scenario.

The six-member Monetary Policy Committee (MPC), chaired by Reserve Bank Governor Shaktikanta Das, is expected to release the policy resolution on Thursday.

The meeting was scheduled to begin on Monday, but it was postponed by one day due to Maharashtra’s declaration of a public holiday on February 7 in honour of iconic vocalist Lata Mangeshkar’s death.

The MPC is widely expected to keep the benchmark interest rate, sometimes known as the repo rate, unchanged.

Analysts, on the other hand, believe that as part of the liquidity normalisation process, the MPC will switch its policy stance from “accommodative” to “neutral” and experiment with the reverse-repo rate.

If the RBI keeps the policy rate constant on Thursday, it will be the ninth time in a row. On May 22, 2020, the central bank slashed interest rates to a historic low in an off-policy cycle to boost demand.

Brickwork Ratings predicts that the RBI will keep policy rates unchanged at its next policy meeting.

“The MPC is expected to begin raising policy rates, starting with the policy corridor between repo and reverse repo rates. In its April 2022 policy meeting, the RBI is expected to raise the reverse repo rate “It was stated.

The outlook for inflation and growth for the current fiscal year may stay unchanged, while the statement’s forward guidance on inflation and GDP for the next fiscal year is eagerly anticipated, it added.

The most recent MPC meeting, held in December 2021, left the benchmark interest rate at 4% and chose to keep its accommodative stance despite concerns over the development of the novel coronavirus variant Omicron.

The government has given the MPC the responsibility of keeping inflation between 2% and 6%.

An SBI report has called for a 20 basis point increase in the reverse repo rate outside the MPC ambit to help the central bank find buyers for the flood of new debt papers. The report cites the massive increase in credit growth during the first half, as well as the steeper fall in deposits and the resulting rise in term money rates, as well as the record high borrowings.

According to the research, the Centre’s gross borrowing would be a record Rs 14.3 lakh crore in 2023, and Rs 10.5 lakh crore in FY22, down from Rs 13.5 lakh crore this year, while the gross borrowing will be Rs 23.3 lakh crore with the states, and the net borrowing will be Rs 17.8 lakh crore. It was also stated that the budget aims to repay Rs 3.1 lakh crore next fiscal, up from Rs 2.7 lakh crore current fiscal.

While signs of credit recovery emerged in the first half of FY22, the most recent data for the week ending January 14, 2022, shows all banks incremental credit increased by Rs 5.46 lakh crore, more than double the Rs 2.72 lakh crore seen in the same period last fiscal, according to the report, while incremental deposit growth was only Rs 8.6 lakh crore, down from Rs 10.5 lakh crore.

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MSEDCL Steps In as Seawoods Residents Face High Electricity Bills

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Power officials promise meter checks and bill revisions following public outrage over double and triple charges.

The Bills

Opening this month’s electricity bill brought an unwelcome shock to families across Seawoods. Households in several residential complexes reported sudden, unexplainable spikes, with monthly charges doubling or even tripling despite maintaining their regular energy usage.

Driven by rising public frustration, local citizen groups approached the Maharashtra State Electricity Distribution Company Limited (MSEDCL), prompting officials to step in and promise a full investigation.

Residents expressed deep concern over potential meter glitches, inaccurate readings, or incorrect tariff slab calculations applied by the state power distributor.

“Our routine usage hasn’t changed at all, yet our bill has shot through the roof,” shared one frustrated Seawoods resident. “It is unreasonable to pay double for the exact same power consumption.”

Acknowledging the grievances, MSEDCL officials confirmed they will conduct physical meter re-inspections and review historical reading logs to rectify technical or calculation errors.

To resolve individual cases, the utility body has instructed affected consumers to submit formal complaints with their 12-digit consumer number and bill copies. Residents can lodge these directly at local subdivision offices or through the MSEDCL portal and app for verification and billing adjustments.

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Double Standards on the Hill: Kharghar Residents Protest Selective Ban

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Locals accuse CIDCO of turning away ordinary walkers while granting VIPs and events access to Kharghar Hill.

The Protest

A growing sense of frustration has brought Kharghar residents out of their morning routines and into active protest. Members of the Kharghar Hill Welfare Association and Sajag Nagrik Manch gathered at the hill’s entrance near the RBI Colony Metro station to voice anger against the City and Industrial Development Corporation (CIDCO) over glaring double standards.

CIDCO enforces an annual entry ban on Kharghar Hill from June 15 to September 15 due to monsoon landslide risks. While locals understand safety precautions, they argue the rule is being applied selectively. Protesters held signs declaring “Every Citizen is Equal Before the Constitution,” pointing out that while daily walkers are turned away, VIPs and organized commercial runners continue to gain access.

“If the hill is dangerous due to landslides, it should be unsafe for everyone,” expressed frustrated local residents. “How does the danger disappear for private marathons and VIPs while ordinary citizens are barred?”

Residents also highlighted long-standing civic neglect regarding the damaged access road to local tribal hamlets like Phanaswadi, which was only repaired ahead of an upcoming marathon event. Protesters have warned they will step up demonstrations and oppose the August 23 marathon if CIDCO fails to establish a fair and uniform entry policy for all.

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Urgency in Navi Mumbai, NMMC Demands Evacuation of 34 Dangerous Buildings

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Civic officials cut off power and water connections following a tragic building collapse in neighboring Bhiwandi.

The Danger

As heavy monsoon rains continue to batter the region, the Navi Mumbai Municipal Corporation (NMMC) has issued a critical warning to local residents: evacuate your homes immediately or face life-threatening risks.

Municipal Commissioner Kailas Shinde has ordered the swift evacuation and demolition of 34 structures classified as ‘C-1’ma category reserved for buildings deemed structurally unsafe and beyond repair.

The sudden crackdown follows a devastating building collapse in neighboring Bhiwandi, prompting state-wide directives to prevent monsoon disasters. To force compliance and safeguard lives, civic authorities have begun disconnecting electricity and water supplies to the identified properties.

“Our highest priority is ensuring zero loss of life during this monsoon,” civic officials emphasized. “Remaining in these structures poses a direct threat to residents and passersby alike.” Turbhe ward carries the highest risk, housing 15 of the 34 hazardous buildings, while others are spread across Belapur, Nerul, Vashi, Koparkhairane, Airoli, and Digha.

NMMC made it clear that occupants remaining in these structures do so at their own risk, stating the civic body will bear no legal or financial liability in the event of a collapse. Property owners and tenants must cease all residential and commercial activities immediately to pave the way for safe demolition.

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