RBI monetary policy review: Repo rate unchanged at 6 percent
RBI monetary policy review: Repo rate unchanged at 6 percent
India cracks down on bitcoin and hints it may launch its own digital currency
06 April, 2018, 04:19
"In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies]", India's central banksaid.
"The MPC chose to keep the policy repo rate on hold and continue with the neutral stance".
The MPC sharply trimmed its April-September inflation projection to 4.7-5.1 percent, from a previous range of 5.1-5.6 percent that it released in February.
RBI has been asked by the government to target inflation at 4 percent, plus or minus 2 percent, and its rise beyond the comfort zone will put pressure on the central bank not cut interest rate (repo rate).
Currently, banks do not charge any commitment fee and do not maintain capital on the undrawn portion of the CC because it is classified as an unconditionally cancellable facility, which does not have any risk weight under the Basel rules. GDP growth has been projected to strengthen to 7.4 percent in FY19, from 6.6 percent in 2017-18; 7.3-7.4 percent in H1 and 7.3-7.6 percent in H2, RBI said.
India's dominant services sector bounced back into expansionary territory in March. The current high growth numbers of factory activity are illusory and primarily helped by a low statistical base as growth had significantly slowed down in the aftermath of demonetization. This is critical for transcending to higher growth trajectory as well as to create more job and work opportunities.
The MPC in a note found that growth has been recovering and the output gap was closing. "On the downside, the deterioration in public finances risks crowding out private financing and investment".
Skymet has estimated the monsoon to be normal.
GDP growth in FY18 at 6.6% was lower than 7.1% in FY17 and the deceleration was broad-based, but each component revealed intra-year turning points.
However, RBI's assessment of "inflation outlook" and continuation of "neutral policy stance" have sent positive signals to bond borrowers and fund-raisers.
Mukul Shrivastava, partner, fraud investigation and dispute services, EY India, said: "The RBI's move will safeguard the general investor community from potential losses, particularly those who end up investing without understanding the volatility, dynamics and functioning of cryptocurrencies".
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