Reserve Bank of India denies any possibility of allowing private digital currencies

06 Décembre, 2019, 21:00 | Auteur: Auguste Feret
  • Reserve Bank of India denies any possibility of allowing private digital currencies

President of Federation of Indian Chambers of Commerce and Industry Sandip Somany, however, said in an e-mailed statement, "We... are disappointed with the decision to not cut the repo rate, as there is need for continued action on the monetary policy front".

The RBI is responsible for framing India's monetary policy, and sets interest rates to keep inflation in control while pushing for growth.

It is not just that the MPC chose to pause, it is that the decision was unanimous which seems to have taken some people by surprise. "You should allow the measures taken by the RBI and the government to play out", RBI Governor Shaktikanta Das said. On inflation, the central bank has projected a significant rise in the second half of this fiscal but it is sanguine that the spike is temporary driven largely by rising prices of food items due to unseasonal rains that destroyed standing kharif crops.

Contrary to RBI's decision, analysts had expected the apex bank to cut the repo rate by 25 basis amid the declining GDP growth.

RBI governor Shaktikanta Das - seen as a Modi ally - has cut interest rates five times in a row starting from February 2019, bringing them down by 135 basis points.

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The central bank reiterated that it would maintain an accommodative stance "as long as it is necessary to revive economic growth, while ensuring that inflation remains within the target".

The central bank's survey was conducted in 13 big cities and 5,334 households. The central bank kept the door open for further monetary easing based on "unfolding situation".

"Against the backdrop of growth slowdown, the RBI's rate cutting has not made any major difference", said Garima Kapoor, economist at Elara Capital. Though growth concerns are still paramount, a lot has changed between the earlier policies and now - inflation is rearing its head up again and the government's approach to the fiscal deficit glide path is still unclear even as the macro numbers indicate a considerable slippage in the target of 3.3% for this fiscal.

Gross domestic product numbers released on Friday had shown government spending helping to prop up weak demand, while private investment growth had virtually collapsed, with a crisis in the shadow banking sector causing illiquidity in the economy.

Retail inflation in the second half has been pegged at 5.1-4.7% against 3.5-3.7% estimated in the previous policy. "Similarly, the forthcoming Union Budget will provide better insight into further measures to be undertaken by the Government and their impact on growth". The RBI said most banks had linked their lending rates to the policy repo rate of the Reserve Bank.

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