Corona Second Wave: RBI Keeps Interest Rates Unchanged

In the aftermath of the Corona Second Wave, the Reserve Bank of India (RBI) has made a major decision on key interest rates. In accordance with the larger forecast, the RBI has kept key interest rates unchanged. As a result, the repo rate will be 4%, with a reverse repo rate of 3.35 percent. The policy committee, led by Governor Shaktikanta Das, reached a unanimous decision after a three-day meeting.

CPI inflation is expected to be 5.1% in the fiscal year 2022, according to the RBI. On this occasion, Shaktikanta Das revealed G-Sap 2.0. It will purchase shares worth Rs 40,000 crore on June 17. He said that the country's foreign currency reserves had surpassed $600 billion, indicating that it could adequately deal with currency swings and other implications. Similarly, the GDP of the country is predicted to be 9.5 percent. The governor believed that consumer demand in rural sections of the country would improve. The timely monsoon is proof of this.

Despite the fact that the signals required for economic development have dwindled, it is still greater than last year. Due to Covid, immunization rates are rising across the country, and various stimulus programmes that have already been revealed will help the economy grow. In the context of the programme, Rs 15, 000 crores were also declared for the hospital sector. It stated that it was tapping financial resources to lend Rs 16,000 crore to MSMEs, as it has done previously.