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During the bi-monthly Monitory Policy Committee (MPC) of the nations, the RBI decided to keep the repo rates and reserve repo rate unchanged as last time. This was informed to PTI by RBI Governor Shaktikanta Das on Thursday.
RBI in its statement said that it maintains an accommodative stance and will continue with it as long as necessary for a durable and broad-based recovery due to concerns of inflation and new Covid variant round the corner.
In an interview, Shaktikanta Das said “The Repo rate has been left unchanged at 4 percent whereas the reverse repo rate is at 3.35 percent. Overall taking into consideration the outlook for inflation and growth, in particular the comfort provided by improving outlook of inflation, the uncertainties related to the covid variant and global spillovers, the Monitory Policy Committee was of the view that continued policy support is warranted for broad-based recovery of the economy”.
The policy of RBI actions in areas of cryptocurrency that have characters like a normal currency is undermining the stability and ability of RBI.
RBI further stated that the Digital Rupee is just like the paper rupee just the form of currency is electronic or digital. There is not much difference between crypto and digital money but the only major difference is that cryptos will be issued by RBI.
It is making a difference in the industry with the tax implication of 35 percent on the cryptocurrency which was tax-free before the information declared by the union finance minister Nirmala Sitaram in the union budget.