RBI keeps key policy rates unchanged
4 years, 4 months ago

RBI keeps key policy rates unchanged

The Hindu  

The Reserve Bank of India kept its powder dry in the third review of the monetary policy since the COVID-19 pandemic spread in the country, leaving key policy rates unchanged in the face of rising inflation pressures but asserted that propping up economic recovery has assumed “primacy” in the “worst peace-time health and economic crisis of the last 100 years”. The central bank didn’t extend the moratorium on loan repayments offered to borrowers beyond August 31 but allowed banks to restructure loans from large corporates, micro, small and medium enterprises as well as individuals to help stem the rising stress on incomes and balance sheets. This can potentially impact their long-term viability and pose significant financial stability risks if it becomes widespread,” RBI Governor Shaktikanta Das said after a three-day meeting of the Monetary Policy Committee. With incomes and jobs taking a hit across sectors, the RBI has allowed banks to restructure individual borrowers’ loans by December 31, 2020, permitting a maximum extension of two years.

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