RBI MPC Assembly: MPC Resolutely Targeted on 4% CPI Goal, Half of Rs 2,000 Notes Returned Again, Says Das

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whereas supporting progress, Das mentioned.

Within the earlier financial coverage evaluate in April 2023, the RBI MPC had surprisingly halted the speed hike cycle and stored the important thing repo unchanged at 6.50 per cent. The choice of the established order got here after steady hikes since 2022 with a purpose to management inflation, throughout which the central financial institution had raised 250 foundation factors (bps). Inflation was excessive final 12 months because of the provide chain constraint attributable to the Russia-Ukraine warfare.

RBI on Rs 2000 Notes

Reserve Financial institution of India (RBI) Governor Shaktikanta Das on June 8 mentioned round 50 p.c of the Rs 2,000 forex notes in circulation as on the finish March has returned to the banking system.

This constitutes round Rs 1.8 lakh crore when it comes to worth, the governor mentioned. As at March-end, the overall worth of Rs 2,000 notes in circulation was round Rs 3.62 lakh crore.

The RBI chief added that round 85 per cent of the notes which have come again to the system is within the type of deposits.

The RBI had on Might 19 introduced the withdrawal of the Rs 2,000 payments as a part of its clear be aware coverage. For easy completion of trade or deposit, the RBI has offered all banks sufficient time till September 30, 2023. It additionally suggested banks to cease issuing the Rs 2,000 denomination banknotes with speedy impact.