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Home Crypto

Governor Shaktikanta Das believes that cryptocurrency poses a significant danger to India’s macroeconomic stability.

by NIsha Jain
February 11, 2022
in Crypto, News
Reading Time: 2 mins read
0
Crypto adoption is similar to that of the internet boom in the 1990s

Image Source: Mint

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The RBI’s Monetary Policy Committee (MPC) held key interest rates steady on February 10 and maintained an accommodative posture in its first policy meeting following the Union Budget 2022, as expected. The MPC, led by RBI Governor Shaktikanta Das, has maintained the status quo for the ninth time in a row.

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The three-day RBI MPC meeting, which began on February 8, came to an end today, February 10. Following the death of famous vocalist Lata Mangeshkar on February 6, Maharashtra proclaimed a day of mourning on February 6.

The most recent MPC meeting, held in December 2021, kept the benchmark interest rate constant at 4% and chose to maintain its accommodative stance in the face of worries about the appearance of the novel coronavirus variant Omicron. The rate-setting panel had then maintained the status quo for the eighth time in a row.

Source: Moneycontrol.com.

The following are the important takeaways from the speech of RBI Governor Shaktikanta Das:

— The MPC has maintained the repo rate and reverse repo rate at 4% and 3.35 percent, respectively. In addition, the panel maintained its ‘accommodative’ stance in the face of rising inflation.

The RBI forecasted 7.8 percent GDP growth in FY23. Das believes that 9.2 percent real GDP growth in FY22 will lift the economy above pre-pandemic levels.

— The 5.3 percent CPI inflation projection for FY22 has been maintained. It is likely to decline closer to the 4.00 percent objective in the second half of FY23, allowing monetary policy to remain accommodating.

— As a result of Omicron, there has been some slowing in economic activity. Given the prospects for inflation and growth, as well as the uncertainties surrounding global spillovers and Omicron, the economy needs continuing policy assistance.

— The rupee has proven to be resilient in the face of global spillovers. The current account deficit is expected to be less than 2% of GDP in FY22.

The RBI is dedicated to ensuring the smooth operation of the government borrowing program.

— It has been proposed to raise the limit on e-vouchers from Rs 10,000 to Rs 1 lakh.

— Variable-rate repo operations of varied tenors will now be done on an as-needed basis. Second, variable rate repos and variable rate reverse repos with 14-day maturities will be the primary liquidity management tool. Third, fine turning operations will enhance these procedures. Fourth, beginning March 1, the fixed-rate reverse repo and Marginal Standing Facility will be available exclusively from 5:30 to 11:59 p.m. on all days.

Tags: cryptocurrencyCryptonews
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