RBI Monetary Policy | Rural economy looks resilient despite COVID-19 pandemic: Shaktikanta Das

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The rural economy of India looks resilient despite the COVID-19 pandemic, said Reserve Bank of India (RBI) Governor Shaktikanta Das on October 9 while announcing the decisions taken by the central bank's Monetary Policy Committee (MPC).

The RBI left key interest rates unchanged as widely expected, while retaining an accommodative monetary policy stance to support the coronavirus-hit economy of India.

The MPC kept the repo rate, its key lending rate, at 4 percent while the reverse repo rate or the key borrowing rate stayed at 3.35 percent.

The RBI Governor said that MPC unanimously voted for keeping the interest rate unchanged and continued with its accommodative stance to support growth.

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The meeting of the six-member Monetary Policy Committee (MPC), earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. The 25th meeting of the rate-setting MPC with three new external members -- Ashima Goyal, Jayanth R Varma and Shashanka Bhide -- began on October 7. This is the maiden meeting of the new members who were appointed just a day before the meeting for a term of four years.