Eleventh EGROW Shadow MPC Meeting on 31st July

Key Takeaways

1. Pandemic represents a unique Supply cum Demand Shock
2. Monetary (credit & liquidity) policy has to focus on financial stability
3. Inflation is high, mainly on account of food, and could be temporary
4. Focus on Transmission of interest rates and credit delivery
5. Recovery needs a counter-cyclical rise in credit growth.
6. NBFC sector needs serious attention.
7. Widen corridor between Repo and Reverse Repo rate
8. Extend HTM to banks to incentivize them to invest surplus money market liquidity without fearing MTM hits.
9. Monetary Policy should prepare to accomodate fiscal policy
10. Need to relax Basel Norms as it could restrict credit flow to markets/industry

Recommendation of EGROW Shadow MPC

1. Reduction in Repo Rate

EGROW Shadow MPC Members
1 - 50 bp in August + 50 bp in October
1 - 25 bp in August
1 - 25 bp in August + 75 later in the year
3 - Pause

Guest Panelist from ASSOCHAM
1 – 50 bp in August

2. Widening the corridor between Repo and Reverse Repo

2 – Members of EGROW Shadow MPC

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Recent Events

Eleventh EGROW Shadow MPC Meeting

on 31-Jul-2020

Event Report

Declaration of EGROW Essay Competition Result

Time will Tell

By Surjit S Bhalla and Arvind Virmani

Read the blog

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