Following is the comment from George Alexander Muthoot, Managing Director at Muthoot Finance on RBI monetary policy for your perusal.
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“The RBI on expected lines kept the key rates unchanged for the eighth consecutive time and retained accommodative stance as long as necessary. The Governor reiterated commitment to maintaining adequate system liquidity to support economic recovery. The Governor retained FY22 GDP growth forecast at 9.5% and stated pick up in vaccination is giving greater confidence to open up and recovery of the Indian economy is gaining traction. While recovery is picking pace, inflationary conditions and weak demand conditions need to be monitored closely. Continued benign interest rates will be positive to support broader economy particularly SMEs, small businesses and unorganized sector and the RBI has further extended support to these sectors which is positive. Extension of On Tap Special LTROs for Small finance banks till October 31,2021 is positive as it will further support small businesses, MSMEs. Recognising the important role played by NBFCs in providing credit to underserved/unserved segments the RBI has further extended priority sector classification till march 31, 2022 for bank lending to registered NBFCs (other than MFIS) for on lending to sectors like Agriculture, MSMEs and housing. With business activities having resumed pan-India and vaccination coverage also progressing nicely across, we are seeing lifting of market sentiment and demand revival going into the festive season.”
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