RBI on 4th June 2021, has reduced its extimate about GDP growth of the Indian Economy for the fiscal year 2021-22 by 100 basis points i.e. from 10.5% to 9.5%
It’s monetary policy commission has also decided in this meeting –
- 15,000 crore refinance to encourage banks to lend to service sector like, hotels, restaurants, tourism etc.
- 16,000 crore facility to MSME from SIDBI.
- Projected the CPI (consumer Price Index) inflation during 2021-22 to 5.1%
- It decided to keep following rates
Repo rate = 4.00
Reverse Repo rate = 3.35%
MSFL = 4.25%
Bank Rate = 4.25