Monitory Policy 4 PDF

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Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Monetary Policy/ मौद्रिक नीद्रि Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) TOOLS/ उपकरण Direct Tool Indirect Tool CRR : Cash Reserve Ratio LAF : Liquidity adjustment facility SLR : Statutory Liquidity Ratio Bank Rate MSF : Marginal Standing Facility OMO : Open Market Operation MSS : Market Stabilisation Scheme Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) (CRR) : CASH RESERVE RATIO The share of Net Demand and Time Liability (NDTL) that a bank must maintain with RBI in cash. It is applicable on all scheduled commercial banks. It has no minimum and maximum limits. No interest is paid on it by RBI. It is mentioned in RBI Act 1934 section 42 (1). Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) (SLR) : STATUTORY LIQUIDITY RATIO The share of net demand and time liability (NDTL) that a bank must maintain with itself in cash and liquid assets. It is applicable on all banks and Financial Institutions. It has No Minimum Limit but has a maximum of 40% limit. Liquid assets includes gold, bonds, etc. It is mentioned in Banking Regulation Act 1949 section 24. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Apart from amounts maintained as Cash Reserve Ratio (CRR) with RBI on its outside demand and time liabilities, it will be required to invest minimum 75 per cent of its "demand deposit balances" in Government securities/Treasury Bills with maturity up to one year that are recognized by RBI as eligible securities for maintenance of Statutory Liquidity Ratio (SLR) and hold maximum 25 per cent in current and time / fixed deposits with other scheduled commercial banks for operational purposes and liquidity management. The small finance bank will be subject to all prudential norms and regulations of RBI as applicable to existing commercial banks including requirement of maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) What is a Government Security (G-Sec)? A Government Security (G-Sec) is a tradeable instrument issued by the Central Government or the State Governments. It acknowledges the Government’s debt obligation. Such securities are short term (usually called treasury bills, with original maturities of less than one year) or Long term (usually called Government bonds or dated securities with original maturity of one year or more). In India, the Central Government issues both, treasury bills and bonds or dated securities while the State Governments issue only bonds or dated securities, which are called the State Development Loans (SDLs). G-Secs carry practically no risk of default and, hence, are called risk-free gilt-edged instruments. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) How are the G-Secs issued? G-Secs are issued through auctions conducted by RBI. Auctions are conducted on the electronic platform called the E-Kuber, the Core Banking Solution (CBS) platform of RBI. Commercial banks who maintain funds account (current account) and securities accounts (Subsidiary General Ledger (SGL) account) with RBI, are members of this electronic platform. The Public Debt Office (PDO) of the Reserve Bank of India acts as the registry / depository of G-Secs and deals with the issue, interest payment and repayment of principal at maturity Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) TOOLS/ उपकरण Direct Tool Indirect Tool CRR : Cash Reserve Ratio LAF : Liquidity adjustment facility SLR : Statutory Liquidity Ratio Bank Rate Refinancing Facility MSF : Marginal Standing Facility OMO : Open Market Operation MSS : Market Stabilisation Scheme Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Refinance Facility/ पुनद्रिित्त सुद्रििा Reserve Bank of India (RBI) provides export credit refinance facility to banks under Section 17 (3A) of the Reserve Bank of India Act 1934, in order to encourage banks to extend more liberal export credit. भारिीय ररजिि बैंक (RBI) बैंकों को अद्रिक उदार द्रनयािि ऋण देने के द्रलए प्रोत्साद्रहि करने के द्रलए, भारिीय ररजिि बैंक अद्रिद्रनयम 1934 की िारा 17 (3A) के िहि बैंकों को द्रनयािि ऋण पुनद्रिित्त सद्रु ििा प्रदान करिा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Reserve Bank of India (RBI) announced special refinance facilities amounting to Rs 50,000 crore to All-India Financial Institutions (AIFIs) like the National Bank for Agriculture and Rural Development (NABARD), Small Industries Development Bank of India (SIDBI) and National Housing Bank (NHB). भारिीय ररजिि बैंक (आरबीआई) ने राष्ट्ट्रीय कृद्रर् और ग्रामीण द्रिकास बैंक (नाबाडि), भारिीय लघु उद्योग द्रिकास बैंक (द्रसडबी) और राष्ट्ट्रीय आिास बैंक (एनएचबी) जैसे अद्रखल भारिीय द्रित्तीय सांस्थानों (एआईएफआई) को 50,000 करोड़ रुपये की द्रिशेर् पुनद्रिित्त सुद्रििाओ ां की घोर्णा की। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs) In order to provide an additional avenue for liquidity management to Regional Rural Banks (RRBs), it has been decided that Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) will be extended to Scheduled RRBs meeting the following criteria: Implemented Core Banking Solution (CBS) There is a minimum CRAR of nine per cent and Fully compliant with the terms and conditions for availing LAF and MSF issued by Financial Markets Operations Department (FMOD), Reserve Bank of India. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) LIQUIDITY ADJUSTMENT FACILITY (LAF)/ चलद्रनद्रि समायोजन सुद्रििा (एलएएफ) LAF has two components : 1. Repo Rate (Repurchase Agreement) 2. Reverse Repo Rate By controlling these rates, the RBI controls the Money flow in the economy. एलएएफ के दो घटक हैं: 1. रेपो दर (पुनखिरीद समझौिा) 2. ररिसि रेपो दर आरबीआई, इन दरों को द्रनयांद्रत्रि करके अथिव्यिस्था में मुिा के प्रिाह को द्रनयांद्रत्रि करिा है| Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Repo Rate/ रेपो दर Repo Rate is a rate at which Commercial Bank can Borrow Money from RBI for a period up to 90 Days. Maximum : 0.5% of NDTL रेपो दर िह दर है द्रजस पर िाद्रणद्रययक बैंक 90 द्रदनों िक की अिद्रि के द्रलए भारिीय ररजिि बैंक से पैसा उिार ले सकिे है। अद्रिकिम: एनडीटीएल का 0.5% Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Reverse Repo Rate/ ररिसि रेपो दर Reverse Repo Rate is the Rate of interest on which the Commercial Bank deposits its surplus money with RBI. ररिसि रेपो दर ब्याज की िह दर है द्रजस पर िाद्रणद्रययक बैंक अपनी अद्रिररक्त जमा पूांजी को आर बी आई के पास जमा करिे है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) BANK RATE/ बैंक दर Bank rate is also known as the discount rate, which is the rate of interest taken by the central bank from the commercial banks on loans and advances for long periods (91 to 364 days). बैंक दर को द्रबल में कटौिी दर के रूप में भी जाना जािा है जो द्रक ब्याज की िह दर है, जो कें िीय बैंक द्वारा लांबी अिद्रि (91 से 364 द्रदनों िक) के ऋणों ि अद्रग्रमों पर िाद्रणद्रययक बैंकों से द्रलया जािा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MSF : Marginal Standing Facility/ सीमाांि स्थायी सुद्रििा It is the Rate at which Commercial Banks Borrow money from RBI for a period up to 1 Day, 24 Hours, Overnight. Minimum: 1 Crore or Multiple of 1 Crore Maximum: 2 % of NDTL यह िह दर है द्रजस पर िाद्रणद्रययक बैंक 1 द्रदन, 24 घांटे, ओिरनाइट के द्रलए आरबीआई से पैसे उिार लेिे हैं। न्यूनिम: 1 करोड़ या 1 करोड़ के गुणक में अद्रिकिम: एनडीटीएल का 2% Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) OMO : Open Market Operation/ खुला बाजार पररचालन Open market operations(OMO) are conducted by the Reserve Bank of India by way of sale or purchase of Government Securities (G-SECS) to adjust money supply conditions. The Central Bank Sells Government Securities to absorb the liquidity from the market and purchase the Government Securities to inject the liquidity in the market. भारिीय ररजिि बैंक द्वारा सरकारी प्रद्रिभूद्रियों (जी-एसईसीएस) की द्रबक्री या खरीद के माध्यम से खुला बाजार पररचालन (ओएमओ) को सांचाद्रलि द्रकया जािा है। कें िीय बैंक बाजार से िरलिा को अिशोद्रर्ि करने के द्रलए सरकारी प्रद्रिभूद्रियाां की द्रबक्री करिा है और बाजार में िरलिा को लगाने के द्रलए सरकारी प्रद्रिभूद्रियों की खरीद करिा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MSS : Market Stabilization Scheme/ बाजार द्रस्थरीकरण योजना Market Stabilization Scheme (MSS) was introduced in 2004. MSS is a Monetary Policy tool that is used by RBI to withdraw excess liquidity (Money Supply) by selling government securities in the economy. Limit under MSS : 600000 Crore बाजार द्रस्थरीकरण योजना (एमएसएस) 2004 में शुरू की गई थी। एमएसएस एक मौद्रिक नीद्रि उपकरण है जो भारिीय ररजिि बैंक द्वारा अथिव्यिस्था में सरकारी प्रद्रिभूद्रियों को बेचकर अद्रिररक्त िरलिा (मुिा का प्रिाह) को अिशोद्रर्ि करने के द्रलए उपयोग द्रकया जािा है। एमएसएस के िहि सीमा: 600000 करोड़ Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MONETARY POLICY COMMITTEE (MPC) Section 45ZB of the amended RBI Act, 1934 also provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government. The first such MPC was constituted on September 29, 2016. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MONETARY POLICY COMMITTEE (MPC) As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI and the other three Members of MPC will be appointed by the Central Government. Members of the Monetary Policy Committee appointed by the Central Government hold office for a period of four years. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MONETARY POLICY COMMITTEE (MPC) Governor of the Bank — Chairperson Deputy Governor of the Bank, in charge of Monetary Policy — Member One officer of the Bank to be nominated by the Central Board — Member Shaktikanta Das Michael Debrata Patra M K Saggar Ashima Goyal Shashanka Bhide Jayanth Varma Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Quantitative Measures Bank Rate LAF: Repo Rate, Reverse Repo Rate MSF Open Market Operations MSS Cash Reserve Ratio Statutory Liquidity Ratio Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Qualitative Measures Margin Requirements Moral Suasion Rationing of Credit Consumer Credit Regulation Selective credit control Direct action Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Qualitative Measures Margin Requirements: Margin requirement refers to the difference between the current value of the security offered for loan (called collateral) and the value of loan granted. It is a qualitative method of credit control adopted by the central bank in order to stabilize the economy from inflation or deflation. Moral Suasion: The central bank makes the member bank agree through persuasion or pressure to follow its directives which is generally not ignored by the member banks. The banks are advised to restrict the flow of credit during inflation and be liberal in lending during deflation. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Qualitative Measures Rationing of Credit: Rationing of credit refers to fixation of credit quotas for different business activities Here central bank will decide “upper limit” to loans in each sector So once that ‘quota’ is over. Additional loans cannot be given to that borrowers from that sector. This also controls money supply. Consumer Credit Regulation: Consumer credit refers to loans taken by people for purchase of goods and services. RBI regulates the total volume of credit that may be extended to customers by the commercial banks and fixes a minimum time period for repayment or increases down payment required for specic categories to influence the flow of credit in a particular direction. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Qualitative Measures Selective credit control: Selective credit control is a tool in the hands of Reserve Bank of India to restrict bank finance against sensitive commodities These sensitive commodities generally include: Raw cotton and kapas, Sugar, Gur and Khandsari, Food grains i.e., cereals and pulses. Direct action: This method is adopted when some commercial banks do not co- operate with the central bank in controlling the credit. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) The SDF as a liquidity management instrument was recommended by the ‘Expert Committee to Revise and Strengthen the Monetary Policy Framework’ (Chairman Urjit R Patel) in January 2014. In 2018, the Section 17 of the RBI Act, 1934, was amended to empower the RBI to introduce this instrument, which has now been launched in 2022. As a Non-Collaterised instrument, it can absorb large volumes. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) SDF as it stands currently has the following features viz; It is the floor of the LAF Corridor, replacing the hitherto fixed rate reverse repo; it is a monetary policy instrument to absorb liquidity without any collateral (collaterals in this case are normally government securities) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) A Standing Deposit Facility (SDF) Operationalised with immediate effect, i.e., from April 8, 2022. The SDF would replace the Fixed Rate Reverse Repo (FRRR) as the floor of the LAF corridor. The SDF rate will be 25 basis points (bps) below the policy repo rate Eligible participants can place deposits with the RBI on an overnight basis at the fixed rate. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) Effective Date This facility effective from April 08, 2022. Eligibility Criteria All liquidity adjustment facility (LAF) participants will be eligible to participate in the SDF scheme. Tenor Under the SDF, the eligible entities can place deposits with the RBI on an overnight basis. The RBI, however, retains the flexibility to absorb liquidity for longer tenors under the SDF with appropriate pricing, as and when the need arises. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) Rate of Interest The rate of interest on amount deposited under this facility will be as decided by the RBI from time to time. Effective April 8, 2022, it will be at 25 basis points below the policy repo rate CRR and SLR Eligibility Deposits under the SDF shall not be reckoned as balances eligible for the maintenance of the cash reserve ratio (CRR) under Section 42 of the RBI Act, 1934, but shall be an eligible asset for maintenance of the statutory liquidity ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) Mechanics of Operation SDF operations will be conducted on the RBI’s e-Kuber system, where banks can submit their bids through electronic mode. The overnight SDF would be operated under Straight Through Processing (STP) mode. Bid Submission The minimum bid size under SDF is Rupees one crore and in multiples thereof. There is no ceiling on the bid amount. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) SDF is designed to absorb surplus liquidity which is transient in nature reflected in the increase in deposits of the government with the RBI. Absorbing surplus liquidity This surplus liquidity is primarily on account of an increase in advance tax receipts, sudden increase in public provident funds and small savings receipts and temporary postponement of certain expenditure. The durable liquidity is in terms of net capital flows either in the form of equity such as FDI or debt such as ECB, NRI deposits and trade credit. Besides, the foreign portfolio investment (FPI) which is known as “hot money” both in in terms of investment in equity and debt also contribute to durable liquidity. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Monetary Policy/ मौद्रिक नीद्रि Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) TOOLS/ उपकरण Direct Tool Indirect Tool CRR : Cash Reserve Ratio LAF : Liquidity adjustment facility SLR : Statutory Liquidity Ratio Bank Rate Refinancing Facility MSF : Marginal Standing Facility OMO : Open Market Operation MSS : Market Stabilisation Scheme Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MONETARY POLICY COMMITTEE (MPC) Section 45ZB of the amended RBI Act, 1934 provides for an empowered six- member monetary policy committee (MPC) to be constituted by the Central Government. The first such MPC was constituted on September 29, 2016. सांशोद्रिि आरबीआई अद्रिद्रनयम, 1934 की िारा 45जेडबी में अद्रिकारप्राप्त छह सदस्यीय मौद्रिक नीद्रि सद्रमद्रि (एमपीसी) का प्राििान द्रकया गया है द्रजसका गठन कें ि सरकार द्वारा द्रकया जािा है। ऐसी पहली एमपीसी 29 द्रसिांबर 2016 को गद्रठि की गई थी। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) MONETARY POLICY COMMITTEE (MPC) As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI and the other three Members of MPC will be appointed by the Central Government. Members of the Monetary Policy Committee appointed by the Central Government hold office for a period of four years. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) The present MPC members are as under: Governor of the Reserve Bank of India—Chairperson Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy—Member One officer of the Reserve Bank of India to be nominated by the Central Board—Member Ashima Goyal, Professor, Indira Gandhi Institute of Development Research —Member Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad—Member Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research, Delhi— Member Members of GOI will hold office for a period of four years. Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) The MPC determines the policy repo rate required to achieve the inflation target. The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members. Each member of the MPC has one vote, and in the event of an equality of votes, the Governor has a second or casting vote. एमपीसी मुिास्फीद्रि के लक्ष्य को प्राप्त करने के द्रलए आिश्यक नीद्रिगि रेपो दर द्रनिािररि करिी है। एमपीसी को साल में कम से कम चार बार बैठक करनी होिी है। एमपीसी की बैठक के द्रलए कोरम चार सदस्यों का है। एमपीसी के प्रत्येक सदस्य का एक मि होिा है, और मिों की समानिा की द्रस्थद्रि में, गिनिर के पास दूसरा या द्रनणाियक मि होिा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Minutes of the MPC meeting: On the 14th day after every meeting of the MPC. एमपीसी बैठक का कायििृत्त: एमपीसी की प्रत्येक बैठक के 14िें द्रदन। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) It is the first bi-monthly monetary policy of 2024-25. A total of six MPC meetings are scheduled for the fiscal year beginning April 1, 2024. यह 2024-25 की पहली द्रद्वमाद्रसक मौद्रिक नीद्रि है। 1 अप्रैल, 2024 से शुरू होने िाले द्रित्तीय िर्ि के द्रलए कुल छह एमपीसी बैठकें द्रनिािररि हैं। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) RBI keeps Repo Rate unchanged at 6.5% Under First bi- monthly monetary policy for Financial Year 2024-25. आरबीआई ने द्रित्तीय िर्ि 2024-25 के द्रलए पहली द्रद्वमाद्रसक मौद्रिक नीद्रि के िहि रेपो रेट को 6.5% पर अपररिद्रििि रखा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to: Keep the Policy Repo Rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent. Consequently, the Standing Deposit Facility (SDF) Rate remains unchanged at 6.25 per cent and the Marginal Standing Facility (MSF) Rate and the Bank Rate at 6.75 per cent. िििमान और उभरिी समद्रि-आद्रथिक पररद्रस्थद्रि का आकलन करने के आिार पर, मौद्रिक नीद्रि सद्रमद्रि (एमपीसी) ने यह द्रनणिय द्रलया है द्रक: चलद्रनद्रि समायोजन सद्रु ििा (एलएएफ) के अांिगिि नीद्रिगि रेपो दर को 6.50 प्रद्रिशि पर यथािि् रखा जाए। स्थायी जमा सुद्रििा (एसडीएफ) दर 6.25 प्रद्रिशि िथा सीमाांि स्थायी सुद्रििा (एमएसएफ) दर और बैंक दर 6.75 प्रद्रिशि पर यथािि् बनी हुई है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Real GDP growth for 2024-25 is projected at 7.0 per cent. CPI inflation for 2024-25 is projected at 4.5 per cent. 2024-25 के द्रलए िास्िद्रिक जीडीपी िद्रृ द्ध 7.0 प्रद्रिशि रहने का अनुमान है। 2024-25 के द्रलए सीपीआई मुिास्फीद्रि 4.5 प्रद्रिशि रहने का अनुमान है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Repo Rate 6.50% Standing deposit facility (SDF) 6.25% Marginal Standing Facility Rate 6.75% Bank Rate 6.75% CRR 4.50% From 21st May 2022 SLR 18.00% Reverse Repo Rate 3.35% Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Dr. Shashanka Bhide, Dr. Ashima Goyal, Dr. Rajiv Ranjan, Dr Michael Debabrata Patra and Shaktikanta Das voted to keep the policy repo rate unchanged at 6.50 per cent. Prof Jayanth R Varma voted to reduce the policy repo rate by 25 basis points. ड़ॉ. शशाांक द्रभडे, ड़ॉ. आद्रशमा गोयल, ड़ॉ. राजीि रांजन, ड़ॉ. माइकल देबब्रि पात्रा और शद्रक्तकाांि दास ने नीद्रिगि रेपो दर को 6.50 प्रद्रिशि पर अपररिद्रििि रखने के द्रलए मिदान द्रकया। प्रोफे सर जयांि आर िमाि ने प़ॉद्रलसी रेपो दर को 25 आिार अांकों िक कम करने के द्रलए मिदान द्रकया। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) The minutes of the MPC’s meeting was published on April 19, 2024. The next meeting of the MPC is scheduled during June 5 to 7, 2024. एमपीसी की बैठक का द्रििरण 19 अप्रैल, 2024 को प्रकाद्रशि द्रकया गया था। एमपीसी की अगली बैठक 5 से 7 जून, 2024 के दौरान द्रनिािररि है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Detail Information Fiscal Year 2024-25 Number of MPC Meetings 6 Repo Rate 6.50% SDF Rate 6.25% MSF Rate and Bank Rate 6.75% Real GDP Growth Projection (2024-25) 7.0% CPI Inflation Projection (2024-25) 4.5% Inflation Target 4% within a band of +/- 2% Dr. Shashanka Bhide, Dr. Ashima Goyal, Dr. Rajiv Ranjan, Dr Michael Debabrata Voted for Unchanged Repo Rate Patra, Shaktikanta Das Voted for Repo Rate Reduction Prof Jayanth R Varma Minutes Publication Date April 19, 2024 Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) SDF as a liquidity management instrument was recommended by the ‘Expert Committee to Revise and Strengthen the Monetary Policy Framework’ (Chairman Urjit R Patel) in January 2014. In 2018, the Section 17 of the RBI Act, 1934, was amended to empower the RBI to introduce this instrument, which has now been launched in 2022. As a Non-Collaterised instrument, it can absorb large volumes. िरलिा प्रबांिन उपकरण के रूप में एसडीएफ की द्रसफाररश जनिरी 2014 में 'मौद्रिक नीद्रि ढाांचे को सश ां ोद्रिि और मजबूि करने के द्रलए द्रिशेर्ज्ञ सद्रमद्रि' (अध्यक्ष उद्रजिि आर पटेल) द्वारा की गई थी। 2018 में, आरबीआई अद्रिद्रनयम, 1934 की िारा 17 में सश ां ोिन द्रकया गया िाद्रक आरबीआई को इस उपकरण को पेश करने का अद्रिकार द्रमल सके , द्रजसे अब 2022 में ल़ॉन्च द्रकया गया है। एक गैर-सपां ाद्रविक उपकरण के रूप में, यह बड़ी मात्रा को अिशोद्रर्ि कर सकिा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) The SDF replaced the Fixed Rate Reverse Repo (FRRR) as the floor of the LAF corridor. एसडीएफ, एलएएफ क़ॉररडोर के आिार (फ्लोर) के रूप में द्रनयि दर प्रद्रिििी रेपो (एफआरआरआर) की जगह ली। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) The salient features of the Scheme are as under: योजना की मुख्य द्रिशेर्िाएां इस प्रकार हैं: 1. Effective Date This facility is effective from April 08, 2022. यह सुद्रििा 08 अप्रैल, 2022 से प्रभािी है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 2. Eligibility Criteria All liquidity adjustment facility (LAF) participants will be eligible to participate in the SDF scheme. सभी िरलिा समायोजन सुद्रििा (एलएएफ) प्रद्रिभागी एसडीएफ योजना में भाग लेने के द्रलए पात्र होंगे। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 3. Tenor Under the SDF, the eligible entities can place deposits with the RBI on an overnight basis. The RBI, however, retains the flexibility to absorb liquidity for longer tenors under the SDF with appropriate pricing, as and when the need arises. एसडीएफ के िहि, पात्र सस्ां थाएां रािोंराि आिार पर आरबीआई के पास जमा कर सकिी हैं। हालााँद्रक, आरबीआई जरूरि पड़ने पर उद्रचि मूल्य द्रनिािरण के साथ एसडीएफ के िहि लांबी अिद्रि के द्रलए िरलिा को अिशोद्रर्ि करने का लचीलापन बरकरार रखिा है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 4. Rate of Interest The rate of interest on amount deposited under this facility will be as decided by the RBI from time to time. It will be at 25 basis points below the policy repo rate. इस सुद्रििा के िहि जमा की गई राद्रश पर ब्याज दर आरबीआई द्वारा समय-समय पर िय की जाएगी। यह प़ॉद्रलसी रेपो रेट से 25 आिार अांक नीचे होगा। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 5. CRR and SLR Eligibility Deposits under the SDF shall not be reckoned as balances eligible for the maintenance of the cash reserve ratio (CRR) under Section 42 of the RBI Act, 1934, but shall be an eligible asset for maintenance of the statutory liquidity ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. एसडीएफ के िहि जमा को आरबीआई अद्रिद्रनयम, 1934 की िारा 42 के िहि नकद आरद्रक्षि अनुपाि (सीआरआर) के रखरखाि के द्रलए पात्र शेर् के रूप में नहीं द्रगना जाएगा, लेद्रकन बैंद्रकांग द्रिद्रनयमन अद्रिद्रनयम, 1949 की िारा 24 के िहि िैिाद्रनक िरलिा अनुपाि (एसएलआर) के रखरखाि के द्रलए एक पात्र सपां द्रत्त होगी। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 6. Mechanics of Operation DF operations will be conducted on the RBI’s e-Kuber system, where banks can submit their bids through electronic mode. The overnight SDF would be operated under Straight Through Processing (STP) mode. डीएफ पररचालन आरबीआई की ई-कुबेर प्रणाली पर सच ां ाद्रलि द्रकया जाएगा, जहाां बैंक इलेक्ट्ऱॉद्रनक मोड के माध्यम से अपनी बोद्रलयाां जमा कर सकिे हैं। ओिरनाइट एसडीएफ को स्ट्रे ट थ्रू प्रोसेद्रसांग (एसटीपी) मोड के िहि सांचाद्रलि द्रकया जाएगा। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Standing Deposit facility (SDF) 7. Bid Submission The minimum bid size under SDF is Rupees one crore and in multiples thereof. There is no ceiling on the bid amount. एसडीएफ के िहि न्यूनिम बोली का आकार एक करोड़ रुपये और उसके गुणकों में है। बोली राद्रश की कोई सीमा नहीं है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) The central bank had announced the measure in its August 10 monetary policy meeting wherein scheduled banks were required to maintain an I-CRR of 10 percent on the increase in their NDTL between May 19, 2023 and July 28, 2023. कें िीय बैंक ने अपनी 10 अगस्ि की मौद्रिक नीद्रि बैठक में इस उपाय की घोर्णा की थी, द्रजसमें अनुसूद्रचि बैंकों को 19 मई, 2023 और 28 जुलाई, 2023 के बीच अपनी एनडीटीएल में िद्रृ द्ध पर 10 प्रद्रिशि का आई- सीआरआर बनाए रखना आिश्यक था। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) The measure was intended to absorb the surplus liquidity generated by various factors, including the return of Rs 2000 notes to the banking system. इस उपाय का उद्देश्य बैंद्रकांग प्रणाली में 2000 रुपये के नोटों की िापसी सद्रहि द्रिद्रभन्न कारकों से उत्पन्न अद्रिशेर् िरलिा को अिशोद्रर्ि करना था। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) It was indicated that the I-CRR is a temporary measure for managing the liquidity overhang and that the I-CRR will be reviewed on September 8, 2023, or earlier with a view to returning the impounded funds to the banking system. यह सक ां े ि द्रदया गया था द्रक आई-सीआरआर िरलिा की अद्रिकिा के प्रबांिन के द्रलए एक अस्थायी उपाय है और बैंद्रकांग प्रणाली में जब्ि िन को िापस करने की दृद्रि से आई-सीआरआर की समीक्षा 8 द्रसिांबर, 2023 या उससे पहले की जाएगी। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) On a review, it has been decided to discontinue the I-CRR in a phased manner. समीक्षा के बाद चरणबद्ध िरीके से आई-सीआरआर को बांद करने का द्रनणिय द्रलया गया है। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Reserve Bank of India (RBI) on September 8 decided to discontinue the incremental cash reserve ratio (I- CRR) in a phased manner. भारिीय ररजिि बैंक (RBI) ने 8 द्रसिांबर को चरणबद्ध िरीके से िद्रृ द्धशील नकद आरद्रक्षि अनुपाि (I-CRR) को बांद करने का द्रनणिय द्रलया। Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168  Warrior Pro Batch 2024 – Saarthi 2.0- (Dream Batch) Use Code: Y168 for All Live Classes/ MahaPack || For Books/ E-Book/ Mock – Y168s Code: Y168