Mumbai: The Reserve Bank of India (RBI) on Thursday hinted at further cuts in interest rates and said on Thursday that measures taken to protect the economy from the global pandemic coronavirus will not be removed soon. RBI Governor Shaktikanta Das has said in a program that whether rate cuts or other policy decisions, arrows are not yet finished in our quiver.
The RBI did not make any amendment in the repo rates in the policy review released on August 6. The central bank had earlier cut the policy rate by 1.15 percent in the last two meetings. Presently, the repo rate is 4 percent, reverse repo rate is 3.35 percent and marginal standing facility (MSF) rate is 4.25 percent. He has said that after the prevention of the epidemic, the economy will have to go ahead with precaution to get on the path of strength. Regarding the relief measures announced by the central bank in the past, Das said that in no way should it be assumed that RBI will remove the measures soon.
Das said that once there is clarity on the havoc and other aspects of the Corona epidemic, the RBI will start giving its forecasts on inflation and economic growth. He said that overall, the banking sector remains strong and stable and the integration of public sector banks is a step in the right direction. Das said, "The size of banks is necessary, but efficiency is more important."
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