NEW DELHI: Shaktikanta Das, Governor of Reserve Bank of India, said that amid a surge in COVID-19 cases and imposition of fresh restrictions to curb it, the key rates are kept unchanged.
The repo rate is unchanged at 4% and the reverse repo rate is untouched at 3.35%.
Repo rate is the key interest rate at which the RBI lends money to commercial banks. The reverse repo rate is the rate at which RBI borrows from banks.
International Monetary Fund (IMF) upgraded its FY22 (Fiscal Year 22) growth projection for India to 12.5% from 11.5% estimated in January.
However, it hasn't taken the severe downside risks arising from India ongoing second wave of COVID-19, into account.