Status quo on rates will support growth

The RBI’s decision to maintain the status quo rates will help boost growth prospectus, said Bankers.

AK Goel, Chairman, Indian Banks, Association said, “The RBI once again focused on giving a push for growth in the policy. The overall aim of continuation of accommodative stance as long as necessary to revive and sustain growth on a durable basis was on the expected line, as several segments of the economy are still in the early stage of recuperation”.

GDP growth for 2022-23 is projected at 7.8%, which is slightly lower than the Economic survey projection of 8% to 8.5% he said.

Goel said, “RBI projections on inflation for 2021-22 is retained at 5.3% and all quarter wise projections on inflation for 2022-23 are within the comfort zone of the central bank”.

SBI Chairman, Dinesh Khara said, “The RBI policy statement is a confirmation to keep the rate structure as reasonable levels to support an incipient growth recovery”.

“In between the global uncertainties, the policy has provided admirable support to market sentiments and has rightfully indicated it has enough non-conventional measures to keep the demand and supply of G-secs in reasonable balance”.