RBI MPC Announcements: No change in rates; GDP growth target at 9.5% in FY22 - Highlights from Governor Shaktikanta Das Monetary Policy review address

RBI Monetary Policy Decisions December 2021 LIVE UPDATES: Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) announced the policy resolution. Here is all RBI Guv Das said:- Top points

10:38 AM - Globally, economies are opening up, activities level are reaching pre-pandemic level: Governor Das

10:35 AM - RBI to permit banks to infuse capital in overseas branches, repatriate profit without its prior permission, says Governor Das.

10:32 AM - RBI Governor Das says central bank would continue to manage liquidity in a manner to maintain financial stability.

10:26 AM - Price stability remains cardinal principle of RBI as it fosters growth, stability: Governor Das while announcing monetary policy

10:23 AM RBI retains CPI inflation projection at 5.3% in 2021-22: Governor Das

10:17 AM- Crude oil prices softening in November would alleviate domestic cost push build up: RBI Governor Das.

10:15 AM- Recent reduction in taxes on petrol, diesel prices should support consumption demand, says RBI Governor Das.

10:14 AM - RBI retains GDP growth target at 9.5% in FY22: RBI Governor Shaktikanta Das.

10:13 AM - Indian economy hauled itself out of its deepest contraction; we are better prepared to deal with COVID-19: RBI Governor Das.

10:12 AM - RBI to continue with accommodative stance to revive and sustain growth on durable basis: Governor Shaktikanta Das.

10:10 AM -RBI keeps benchmark lending rate unchanged 9th time in a row at 4%

 - 10:02 AM No change in rates, announces Governor Shaktikanta Das 

- 10:00 AM- RBI Guv Das' address begins

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- Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) is scheduled to announce the policy resolution shortly.

- The Reserve Bank's rate-setting panel began its three-day deliberations on Monday to decide the next monetary policy amid expectations that the central bank will maintain status quo on the benchmark interest rate in the backdrop of global scare due to the new coronavirus variant Omicron.

- If the RBI maintains status quo in policy rates on Wednesday, it would be the ninth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

- In its October MPC meeting, the central bank had projected the CPI inflation at 5.3 per cent for 2021-22: 5.1 per cent in the second quarter, 4.5 per cent in third quarter; 5.8 per cent in the final quarter of 2021-22, with risks broadly balanced. CPI inflation for the first quarter of 2022-23 is projected at 5.2 per cent.

- The Indian economy remained on track to post the fastest growth among major economies this year as its GDP expanded by a better-than-expected 8.4 per cent in the July-September quarter to cross pre-pandemic levels.

- The GDP growth in the second quarter of the current fiscal (2021-22) was slower than the 20.1 per cent expansion in the previous quarter -- which largely reflected a bounce back from last year's crash -- but was better than the contraction of 7.4 per cent in July-September 2020.

- The RBI has been asked by the central government to ensure that the retail inflation based on the Consumer Price Index (CPI) remains at 4 per cent with a margin of 2 per cent on either side. 

- The Reserve Bank had kept the key interest rate unchanged in its after monetary policy review in August citing inflationary concerns.