In the last monetary policy review of the current financial year, the Reserve Bank of India (RBI) decided to keep repo and reverse repo rates unchanged.
“We are living in a world of Knightian uncertainty in the absence of determinate knowledge about the next mutation of COVID-19. The ability to forecast the future course of the economy is so contingent on the evolution of the virus that one prognosis is as good or as bad as the other and as ephemeral," said RBI Governor.
If the last two years of living with the virus have taught us anything, it is to remain humble, but grounded in self-belief, never losing confidence and optimism, he added
“As the great Lata Mangeshkar – whom we lost recently – sang in her immortal voice: “aaj phir jeene ki tamanna hai". Together with the spirit behind the next line of this beautiful song, she has conveyed an eternal message of optimism," RBI Governor said.
The six-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das decided to maintain the status quo on key policy rates for 10 consecutive times.
This is the 10 consecutive policy reviews when the RBI has decided to maintain a status quo on key policy rates. The central bank has not changed repo and reverse repo rates since May 2020.
