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Financial News: India Central Bank Leaves Key Rates Unchanged

India Central Bank Leaves Key Rates Unchanged

10/09/2020 - 01:58:00 (RTTNews)

(RTTNews) - The Reserve Bank of India left its key interest rate unchanged on Friday as inflation remains above the tolerance band amid sharp economic contraction caused by the pandemic.

The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to maintain the policy repo rate at 4.00 percent, as widely expected. The Marginal Standing Facility, or MSF rate and the Bank rate remained unchanged at 4.25 percent. The reverse repo rate was retained at 3.35 percent.

The MPC also decided to continue with the accommodative stance of monetary policy as long as necessary - at least during the current financial year and into the next year. The bank said it awaits the easing of inflationary pressures to use the space available for supporting growth further.

Real GDP growth in 2020-21 is expected to be negative at -9.5 percent, with risks tilted to the downside.

CPI inflation is projected at 6.8 percent for the second quarter of 2020-21.

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