RBI’s Monetary Policy Briefing: Here’s what RBI Governor Shaktikanta Das said RBI has raised the repo rate by 50 basis points, an increase for the second time in five weeks at the conclusion of the monetary poly committee’s three-day meeting on June 8. Here’s what Shaktikanta Das said during the policy press briefing.
June 08, 2022 / 01:57 PM IST
The six-member Monetary Policy Committee (MPC) headed by the Reserve Bank of India (RBI) Governor Shaktikanta Das on June 8 raised inflation forecast for the current financial year to 6.7 percent. RBI has raised the repo rate by 50 basis points, an increase for the second time in five weeks at the conclusion of the monetary poly committee’s three-day meeting on June 8. Here’s what Shaktikanta Das said during the policy press briefing. (Image: ANI)
“We are completely focused on withdrawal of accommodation. In terms of rates, we are still below pre-pandemic levels. In terms of liquidity, it is higher than pre-pandemic levels. So in that sense stance is still accommodative, but we are focused on withdrawal of accommodation.”
“We will deal with (failure to meet inflation mandate) as and when the situation arises. I would not like to speculate on that. It will depend on the evolving situation. The law is very clear.”
“In volatile situations, we just cannot give forward guidance.”
"Given the elevated uncertainties of the current period, we have remained dynamic and pragmatic rather than being bound by stereotypes and conventions."
"Experience teaches us that preserving price stability is the best guarantee to ensure lasting growth and prosperity. Our actions today will impart further credibility to our medium-term inflation target, which is the central tenet of a flexible inflation targeting framework."