Untimely rollback of RBI insurance policies may derail nascent development: Das

Mumbai, December 18

Reserve Bank of India Governor Shaktikanta Das voted for status quo at the last bi-monthly monetary policy review arguing that premature rollback of policies undertaken to mitigate the impact of the pandemic would be detrimental to nascent growth and recovery, minutes of the meeting showed on Friday.

All members of the Monetary Policy Committee (MPC) — Shashanka Bhide, Ashima Goyal, Jayanth R Varma, Mridul K Saggar, Michael Debabrata Patra and Shaktikanta Das — had voted for maintaining status quo in the policy review announced on December 4.

“Overall, the persistence of inflation at elevated levels constrains monetary policy at the current juncture. At the same time, though recovery is underway, there is still continuous need to nurture and support growth to make it broad-based and durable.

“A premature rollback of the monetary and liquidity policies of RBI would be detrimental to the nascent recovery and growth,” Das said, according to the minutes of the meeting released by the central bank. — PTI

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