RBI Governor Shaktikanta Das announced the credit policy today, highlighting the importance of the Rs 2000 note. According to the statistics, since the announcement of the withdrawal of Rs 2000 note, till now Rs 2000 notes worth about Rs 1.80 lakh crore have been returned to the banks. The withdrawal of Rs 2000 notes is going on as expected and the RBI Governor says that the withdrawal of Rs 2000 notes is as per the estimates. Due to the increase in money with the banks, they may not have to increase the interest rates of FDs. Because they have got a lot of funds from the 2000 rupee notes being deposited in the banks.
Key takeaways from today’s credit policy:
1. Headline inflation in FY2024, though coming down, is still above 4 per cent.
2. Will continue to take all necessary necessary action to control inflation.
3. Average liquidity continues to remain high. The biggest reason for this is the return of Rs 2000 notes to the banks.
4. Rural demand is improving continuously. At the same time, domestic demand is very good, which is helpful in growth.
5. At present, the environment remains very favorable for capex.
6. On the downside, there is weakness in demand, global volatility, and the risk of El Nino.
7. Real GDP growth in the current financial year is expected to be 6.5 per cent.
8. The real policy rate remains positive.
9. The current account deficit is continuously decreasing. It is expected that this will remain stable in the current financial year.
10. As far as rising inflation is concerned, Arjun needs to keep an eye on it.
The RBI Governor’s announcement has major implications for the banking industry and customers with FDs. The return of Rs 2000 notes has increased liquidity in banks, which may result in them not having to increase the interest rates of FDs. However, rising inflation needs to be closely monitored.
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