India RBI holds rates, forecasts 10.5% GDP growth for FY22

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(The Times of India)

The Reserve Bank of India (RBI) on Friday kept interest rates on hold but promised to retain the policy stance as accommodative to support growth as long as it was required to aid recovery.

RBI governor Shaktikanta Das also announced that the cash reserve ration(CRR) – share of deposits that banks must hold with the central bank – would be restored to pre-Covid level by May 22, a move which will drain Rs 1.4 lakh crore from the banking system. 

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