Quote on today`s RBI MPC announcement by Mr. Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank
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Below the Quote on today’s RBI MPC announcement by Mr. Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank
We welcome the decision of RBI maintaining a status quo on the repo rate by keeping it unchanged at 6.5% and its GDP growth expectation at 7.2% for FY24. The decision to continue remaining focused on the withdrawal of accommodation reflects a balanced approach to sustain economic growth while keeping inflation in check. RBI’s decision on e-mandates for recurring payments to be extended to fastags, introduction of auto replenishment of UPI-like wallet, and establishment of a digital payments intelligence platform, is all set to promote a resilient banking sector.
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