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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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CIDCO Announces 3,142 Winners in EWS Housing Lottery

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Housing draw offers thousands of economically weaker families a chance to own affordable homes.

The Lottery

The City and Industrial Development Corporation (CIDCO) has announced the results of its housing lottery for applicants from the Economically Weaker Section (EWS), with 3,142 applicants declared successful.

The draw has brought relief and excitement to thousands of families who have been waiting for an opportunity to own an affordable home in the Navi Mumbai region. For many selected applicants, the result marks an important step towards fulfilling their long-awaited dream of home ownership.

The housing scheme is aimed at providing homes at relatively affordable prices to eligible families from economically weaker sections. With property prices remaining a major challenge for middle- and lower-income families in the Mumbai Metropolitan Region, such schemes offer an important opportunity for those struggling to find affordable housing. Successful applicants can check their results and follow the further procedures announced by CIDCO. They will need to complete the required formalities within the stipulated time to proceed with their housing allotment.

The announcement is expected to provide much-needed support to families seeking secure and affordable accommodation in the rapidly developing Navi Mumbai region. The CIDCO housing initiative is part of the corporation’s broader efforts to expand affordable housing opportunities and help more families move closer to owning a home of their own.

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NMMC Plans Citizen-Focused Initiatives Under Seva Sankalp Abhiyan

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Month-long campaign to focus on better civic services, cleanliness, health and community participation.

The Initiative

The Navi Mumbai Municipal Corporation (NMMC) is preparing a series of citizen-focused initiatives under the ‘Seva Sankalp Abhiyan’, scheduled to be held from September 17 to October 17, 2026.

The campaign, announced by the Maharashtra Government, aims to improve public services and encourage citizens to take part in activities benefiting society. NMMC Commissioner Dr Kailas Shinde recently held a meeting with senior officials and school principals to discuss the plans. As part of the campaign, the civic body will organise Seva Setu, innovation challenges, cleanliness drives, health camps, art and elocution competitions, Anganwadi Utsav and digital literacy programmes for senior citizens.

Under Seva Setu, NMMC plans to assess basic civic facilities in tribal settlements, including drinking water, streetlights, sanitation, roads, drainage and healthcare. Special camps will also be held to help residents resolve pending applications related to birth and death certificates, marriage registration and property documents.

The campaign will also promote waste segregation, reduced plastic use, blood donation and fitness awareness. Students will be encouraged to share ideas for building a developed India. Through the month-long initiative, NMMC hopes to bring public services closer to residents while encouraging cleanliness, health, innovation and active community participation.

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Residents Raise Alarm Over Cigarette Sales to Students

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Seawoods residents seek strict action against tobacco sales near educational institutions and public spaces.

The Cigarette Sales

Residents of Sector 25, Seawoods, Nerul, have raised concerns over students allegedly smoking in public places and the suspected sale of cigarettes to minors.

Following repeated complaints, the ward officer and local police conducted a raid at a paan shop on the ground floor of Ambika Heights on the night of September 11. Officials reportedly found cigarette cartons at the shop, but no other illegal intoxicating substances.

Residents said students, reportedly aged between 17 and 22, are frequently seen smoking near Seawoods railway station, the bridge and other public areas. They suspect that a local paan shop may be supplying cigarettes to college students. Prakash Yawalkar, president of the Seawoods Citizens Welfare Association, said students were openly smoking outside the shop, raising concerns among residents and parents.

The association has submitted complaints to the local police, Navi Mumbai Municipal Corporation, mayor, local representatives and the Drug Department. It has urged authorities to strictly enforce the law prohibiting tobacco sales to minors and increase monitoring around schools, colleges and other student gathering points.

Residents said stronger action is needed to prevent tobacco use among young people and ensure that public spaces remain safe and healthy.

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