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The Government of India, in consultation with RBI, notified the 'Inflation Target' in the Gazette of India Extraordinary dated 5 August 2016 for the period beginning from the date of publication of the notification and ending on 31 March 2021 as 4%. At the same time, lower and upper tolerance levels were notified to be 2% and 6% respectively.
Commercial banks have large deposits. RBI is not the main or even prominent money supplier for these banks. So whatever monetary action central bank takes has little or late impact on the economy. Many people in rural areas are out of the banking net and whatever the RBI does, has no impact on their financial activities.
The setting up of a committee to decide on monetary policy was first proposed by the Urjit Patel Committee. The committee suggested a six-member MPC - three members from the RBI and three nominated by the government. The government initially proposed a seven-member committee [5] - three from the RBI and four nominated by it. Subsequent ...
Liquidity adjustment facility (LAF) is a monetary policy tool which allows banks to borrow money through repurchase agreements (repos) that is primarily used by the Reserve Bank of India (RBI). [ 1 ] The LAF is used to aid banks in adjusting the day to day mismatches in liquidity .
In June 2021, India's foreign exchange reserves crossed the US$600 billion mark for the first time. [17] [18] India's total forex reserves touched an all-time high of US$642.453 billion on 8 September 2021. [19] The reserves declined to $598.89 billion by 8 September 2023 [20] & rose to hit a fresh all time high of $642.63 in March 2024. [21]
The number of the employed force fell from 439.7 million in 2016–17 to 426.1 million in 2017–18. CMIE attributed the impact to demonetisation as well as implementation of Goods and Services Tax in July 2017. [158] [160] It is estimated that 1.5 million jobs were lost, according to The Guardian. [15]
In India, the Statutory liquidity ratio (SLR) is the Government term for the reserve requirement that commercial banks are required to maintain in the form of cash, gold reserves, Govt. bonds and other Reserve Bank of India (RBI)- approved securities before providing credit to the customers.
However, it also led to concerns about the impact of foreign entities on India's economy and the potential loss of control over vital industries. [ 10 ] [ 11 ] India's liberalization policies since 1991 have led to significant economic growth and integration into the global economy, but have also faced criticism for uneven distribution of ...