Assocham asks RBI to moderate rate hikes
PTI, Dec 2, 2022, 4:32 PM IST
Industry body Assocham on Friday asked the Reserve Bank, which has hiked the key policy rate by 190 basis points since May, to moderate the interest rate hikes so that it does not have adverse impact on nascent economic recovery.
Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member rate setting panel is scheduled to meet for three days from Monday to take a call on the next set of monetary policy.
The central bank is scheduled to announce the decision of the Monetary Policy Committee (MPC) on December 7 (Wednesday).
”At most the new rate hike should not exceed the 25-35 basis points band,” Assocham said in a letter to the RBI Governor, along with highlighting other issues before the industry.
One of the key recommendations advanced by the chamber to the RBI is to treat retail loans for purchase of Electric Vehicles as priority sector lending, with a concessional rate of interest.
On September 30, the RBI had hiked the key policy rate (repo) by 50 basis points with an aim to check inflation which continues to remain its upper tolerance band of 6 per cent since January this year.
It was the third successive hike of 50 basis points (bps). Before the September hike, the central bank had raised the repo rate by 50 bps each in June and August, and 40 bps in May.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
Firing outside Salman Khan’s home: Lookout circular issued against Anmol Bishnoi
LS Polls: Candidates’ future locked in; EVM, VVPAT kept under tight security
Massive forest fire reaches Nainital’s High Court colony, Army called in
Kerala Police books LDF MLA P V Anwar for defamatory remarks against Rahul Gandhi
Kejriwal continuing as CM even after arrest puts political interest over national interest, says Delhi HC