RBI Monetary Policy announcement reaction By Shri. Shanti Lal Jain, Indian Bank
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Below is the RBI MPC announcement reaction By Shri. Shanti Lal Jain, MD & CEO of Indian Bank.
Increasing the Policy rates by 50 bps has been in line with the market expectations. This calibrated action was needed to pull back headline inflation closer to the RBI tolerance band and keep inflation expectations anchored so as to ensure that growth is sustained. RBI has continued with its pragmatic approach of supporting growth while keeping check on inflation. This is evident by its decision to remain focused on withdrawal of accommodation. The increase in policy rate will also preserve the forex reserves and put a check on depreciation of rupee.”
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