Question
What is the marginal standing facility rate in RBI's
first monetary policy statement of 2022-23?Solution
• RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das. • Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25 pc. • Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. • GDP growth projection for FY'23 slashed to 7.2 % from 7.8 %; growth projections based on assumption of crude oil (Indian basket) price at USD 100 a barrel during FY'23. • Inflation forecast hiked to 5.7 pc for FY'23 from 4.5 pc. • Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years. • Rationalised housing loans norms extended till March 31, 2023. • RBI will come out with a discussion paper on climate risk and sustainable finance. • Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.
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