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RBI monetary policy resolution 2022: Repo rate remains unchanged, check key points, implications here

A six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das announced the first monetary policy resolution after the announcement of Union Budget 2022.

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Shaktikanta Das

A six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das announced the first monetary policy resolution after the announcement of Union Budget 2022. Borrowers can ease up a little but for the depositors, there is no immediate relaxation. Their wait has got a little longer due to one of the lowest interest rates on fixed deposits. 

Here are the key points from RBI’s policy resolution:

The status quo on the benchmark interest rate or repo rate is maintained at 4 per cent.

The real gross domestic product (GDP) growth for the financial year 2022-23 is projected at 7.8 per cent.

The reverse-repo rate remains unchanged at 3.35 per cent.

The Bank Rate and the Marginal Standing Facility Rate both remain at 4.25 per cent.

For Consumer Price Index (CPI), the inflation projections for FY 2021-22 and FY 2022-23 have been kept at 5.3 per cent and 4.5 per cent, respectively.

Headline inflation is predicted to peak within the specified tolerance band in Q4 2021-22, then decrease in the second half of 2022-23, allowing for more accommodating monetary policy.

Damaged currency note exchange rules

The worse the note is, its value will be lower.

If a person has more than 20 damaged notes and their total is more than Rs 5,000, the transaction fee for the same will be charged.

It is important to see if the note shows security symbols before going for an exchange.

There would be no mutilated currency notes in circulation if the RBI swaps them. The Reserve Bank of India intends to produce new banknotes.

RBI on Cryptocurrencies

Private cryptocurrencies, according to RBI governor Shaktikanta Das, are a danger to macroeconomic and financial stability, and individuals who are investing at their own risk should be aware of the hazards.

A 30% tax on virtual digital assets such as Bitcoin and Ethereum was suggested in the Union Budget.

The buyer is responsible for withholding tax at a rate of 1% on payments made for the purchase of such asset. Gains or losses on the sale of virtual assets will also be ineligible for offset against other gains or losses. i.e. it will be considered as a distinct asset type.

Sitharaman also stated that the RBI will establish its own digital currency or cryptocurrency digital asset.

What will be the implications?

Read Also: RBI Monetary Policy: RBI Governor Shaktikanta Das to announce MPC outcome soon, here’s what to expect

No change in policy rates will be impacted immediately on EMIs of personal loans, home loans and auto loans.

Lenders should preferably follow the interest rate movement and take time to decide any future interest rate changes.

Indicators point to inflation becoming a major worry in the near future.

India News

PM Modi says every noble attempt for peace with Pakistan met with hostility, betrayal

Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

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Prime Minister Narendra Modi, in a candid podcast with Lex Fridman released on Sunday, March 16, expressed his disappointment over Pakistan’s response to India’s peace initiatives, stating that every attempt to improve bilateral ties was met with hostility and betrayal. He expressed hope that wisdom would prevail among Pakistan’s leadership to choose the path of peace.

Recalling his early efforts to mend relations, Modi mentioned inviting then-Pakistani Prime Minister Nawaz Sharif to his swearing-in ceremony in 2014 as a gesture of goodwill. “It was a diplomatic gesture unlike any in decades. Even those who questioned my foreign policy approach were surprised. Our former President Pranab Mukherjee beautifully captured this historic moment in his memoir,” Modi said.

However, he lamented that the desired outcome was not achieved. “Every noble attempt at fostering peace was met with hostility and betrayal. We sincerely hope that wisdom prevails upon them, and they choose the path of peace,” he added. Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

On U.S.-India relations and President Trump

Modi also spoke about his strong bond with U.S. President Donald Trump, describing him as a leader who prioritizes national interests, much like himself. He praised Trump’s courage and decisiveness, recalling how the U.S. President sat among the audience during the ‘Howdy Modi’ event in Houston in 2019 while Modi addressed the crowd.

“That was his humility. The President of the United States sitting in the audience while I spoke from the stage—it was a remarkable gesture,” Modi said. He also shared a memorable moment when Trump agreed to walk through the packed stadium to greet the audience, despite concerns from his security team. “His entire security detail was thrown off guard, but that moment showed his courage and trust in me. It was a testament to the strong bond between us,” Modi added.

Reflecting on Trump’s resilience, Modi highlighted the U.S. President’s dedication to his country, even after being shot during the election campaign last year. “Even after being shot, he remained unwavering in his commitment to America. His ‘America First’ spirit resonates with my ‘India First’ approach. That’s why we connect so well,” Modi said.

He also commended Trump’s preparedness in his second term, noting that the U.S. President has a clear roadmap and a capable team to implement his vision. Modi mentioned meeting key members of Trump’s administration, including Vice President J.D. Vance, Director of National Intelligence Tulsi Gabbard, entrepreneur Vivek Ramaswamy, and tech mogul Elon Musk.

Modi emphasized that politicians are often perceived through the lens of media coverage, which can create misunderstandings. “People rarely get the chance to truly meet or personally know one another. Perhaps third-party intervention is the real cause of tensions,” he said, advocating for direct engagement and mutual understanding among global leaders.

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Entertainment

Tom Cruise and Ana de Armas spotted together again, reigniting dating rumors

Tom Cruise and Ana de Armas were seen together for the second time in London, adding fuel to ongoing romance speculation. The Hollywood stars have yet to address the dating rumors.

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Tom Cruise, Ana de Armas, Hollywood actors, celebrity dating rumors, London Heliport, entertainment news

Hollywood actors Tom Cruise and Ana de Armas have once again sparked romance rumors after being seen together in London. The duo was spotted arriving at the London Heliport on the evening of March 14, marking their second public outing in recent weeks.

According to reports, the two actors appeared relaxed and comfortable in casual attire, engaging in lively conversations and laughter with the heliport staff. Their recent joint appearances have intensified speculation about a possible romantic relationship.

Tom and Ana’s growing closeness

The romance rumors initially began circulating over Valentine’s Day weekend last month when Tom and Ana were first photographed together. The duo was seen walking through London’s Soho neighborhood, with Ana carrying takeout food. They also stopped to interact with fans and pose for photographs, further fueling dating speculations.

Neither Tom, who has been filming a movie in England directed by Alejandro G. Iñárritu, nor Ana have addressed these rumors. In a recent encounter with Spanish media in Madrid, Ana declined to comment when asked whether her outing with Tom was personal or work-related.

Past relationships and media interest

Ana de Armas has been linked to Tinder executive Paul Boukadakis in 2023 and previously dated actor Ben Affleck from 2020 to 2021. Tom Cruise, on the other hand, has maintained a relatively private personal life in recent years.

As of now, representatives for both actors have not responded to requests for comments on their relationship status. However, their recent outings together continue to keep fans and media buzzing with speculation.

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India News

BJP appoints district presidents for UP’s 68 district, check names here, CM Yogi Adityanath extends congratulations

BJP has released the list of new district presidents for 68 districts in Uttar Pradesh. Chief Minister Yogi Adityanath congratulated the appointees.

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After nearly two months of internal deliberations, the Bharatiya Janata Party (BJP) has announced the names of its district and metropolitan presidents in Uttar Pradesh. The declaration, made by district election officers, marks a shift from the traditional practice of releasing a consolidated list from Lucknow. The appointments coincide with the BJP’s statewide “Organisation Festival 2025” celebrations.

Key appointments in major cities

In Lucknow, Anand Dwivedi has been appointed as the new Metropolitan President, while Vijay Maurya takes over as District President. Rajkumar Gupta has been named as Metropolitan President in Agra, with Prashant Poonia appointed as the District President. Meanwhile, Akash Pal has been reappointed as District President in Moradabad, and Girish Bhandula, a textile trader, will serve as Metropolitan President.

Chief Minister Yogi Adityanath extends congratulations

Uttar Pradesh Chief Minister Yogi Adityanath congratulated the newly appointed BJP office-bearers on social media. In a post on X (formerly Twitter), he expressed confidence in their ability to strengthen the party’s organisation and contribute to Prime Minister Narendra Modi’s vision of security and good governance in the state.

Full list of newly appointed BJP district and metropolitan presidents in UP

So far, 68 out of 98 organisational districts have received new appointments, with the remaining positions expected to be announced soon.

District-wise BJP presidents in Uttar Pradesh:

Bulandshahr: Vikas Chauhan (Repeat)

Etawah: Annu Gupta

Ghazipur: Om Prakash Rai

Lalitpur: Harishchandra Rawat

Amethi: Sudhanshu Shukla

Agra (Metropolitan): Rajkumar Gupta

Agra (District): Prashant Poonia

Moradabad (District): Akash Pal (Repeat)

Moradabad (Metropolitan): Girish Bhandula

Kasganj: Neeraj Sharma

Ghaziabad (Metropolitan): Mayank Goyal

Lucknow (District): Vijay Maurya

Maharajganj: Sanjay Pandey

Unnao: Anurag

Raebareli: Buddhi Lal

Noida & Gautam Buddha Nagar (District): Abhishek Sharma

Noida (Metropolitan): Mahesh Chauhan

Lucknow (Metropolitan): Anand Dwivedi

Sonbhadra: Nandlal Gupta

Meerut (Metropolitan): Vivek Rastogi

Gorakhpur (District): Janardan Tiwari

Gorakhpur (Metropolitan): Devesh Srivastava

Azamgarh: Dhruv Singh

Lalganj: Vinod Rajbhar

Basti: Vivekanand Mishra

Bhadohi: Deepak Mishra

Kanpur South: Shivram Singh

Pratapgarh: Ashish Srivastava (Repeat)

Rampur: Harish Gangwar

Mainpuri: Mamta Rajput

Farrukhabad: Fateh Chandra Verma

Mathura (District): Nirbhay Pandey

Mathura (Metropolitan): Raju Yadav

Bahraich: Brajesh Pandey (Repeat)

Sultanpur: Sushil Tripathi

Auraiya: Sarvesh Katheria

Balrampur: Ravi Mishra

Gonda: Amar Kishore Kashyap

Shravasti: Mishri Lal Verma

Kanpur North (Metropolitan): Anil Dixit

Kanpur Dehat: Renuka Sachan

Kanpur Rural: Upendra Nath Paswan

Kannauj: Veer Kumar Singh Bhadauria

Sant Kabir Nagar: Neetu Singh

Maharajganj (Alternate Mention): Ashok alias Sanjay Pandey

Mau: Ramashray Maurya

Ballia: Sanjay Mishra

Prayagraj (Ganga-Paar region): Nirmala Paswan

Prayagraj (Yamuna-Paar region): Rajesh Shukla

Prayagraj (Metropolitan): Sanjay Gupta

Machhlishahr: Ajay Kumar Singh

Mahoba: Mohanlal Kushwaha

Chitrakoot: Mahendra Kotarya

The remaining district presidents will be announced in the coming days.

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