No big announcements in RBI monetary policy, says Anil Singhvi

Zee Business Managing Editor Anil Singhvi today said that the Reserve Bank of India (RBI) has refrained from making any big announcements today on repo rates. The status quo has been maintained. The Market Guru said that the fact is that there is no fallout likely of today’s announcements on the markets. Singhvi was reacting on the Monetary Policy announcement made today by RBI Governor Shaktikanta Das.

The six-member Monetary Policy Committee (MPC), headed by the RBI Governor today kept the policy rates unchanged amid the growing concerns of the coronavirus pandemic. The Repo rate remains at 4 per cent while the reverse repo rate at 3.35 per cent. The central bank has continued its accommodative stand. It was a unanimous decision to retain the policy rates, Das revealed during the announcement. 
Das also said that the regulator will undertake additional developmental and regulatory measures amid the coronavirus pandemic. 

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This was the 24th meeting of the MPC. The fast-changing macroeconomic environment and the deteriorating growth outlook necessitated off-cycle meetings of the MPC -- first in March and then again in May 2020. The MPC has cumulatively cut the repo rate by 115 basis points over these two meetings, resulting in total policy rate reduction of 250 basis points since February 2019, with an aim to boost economic growth.