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Below Quote on RBI Monetary By Mr. George Alexander Muthoot, MD, Muthoot Finance

“On a surprising note, the MPC has kept the repo rate unchanged to 6.50%, while keeping its stance on withdrawal of accommodation maintained. While the Indian economy remains resilient, the RBI lowered the GDP growth projection for 2023-24 to 6.5% and we remain cognizant about the risks posed to growth by geopolitical tensions and global financial market volatility. However, we are glad to witness the confidence posed by the RBI in the healthy growth showcased by the Indian banking and non-banking institutions. Further, positive indicative factors like higher rabi production brightening prospects about agriculture sector, positive rural demand, resilience in urban demand continue to boost our confidence that it will positively impact the gold loan demand in the country.

To enhance efficiency of regulatory processes, RBI has decided to develop a secured web based centralised portal named as ‘PRAVAAH’, this will go a long way to enhance the efficiency of regulatory processes and make it easier for various institutions to obtain licenses/authorizations and seek regulatory approvals from the RBI under various statutes/regulations. Besides such measures from the RBI will go a long way to strengthen the financial system, reduce cost of compliance and ease of doing business.”

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