RBI MPC: Global economy is facing financial challenges in the wake of recent bank failures, said Governor Shaktikanta Das on Thursday. He added that global economy is facing renewed phase of turbulence.
Shaktikanta Das said RBI is keeping a close watch on turmoil in banking sector in developed countries.
He added that current financial year points towards softening of inflation and war against inflation to continue until there is durable decline.
RBI has projected 5.2% inflation for FY24, 5.1% in Q1.
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The Monetary Policy Committee will not hesitate to take any action in future, says RBI Governor after hitting pause button on rate hike, he added.
Policy decisions taken since May 2022 are still working through the system. Banking and non-banking financial system remains healthy, he underlined.
The Reserve Bank of India hit the pause button and decided to keep key benchmark policy rate at 6.5% even as inflation is trending above its tolerance level.
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