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Experts Views on RBI Monetary Policy - October 2020

Posted On: 2020-10-09 04:15:20


Ms. Jyoti Vaswani, CIO, Future Generali India Life Insurance Co Ltd

"MPC has indeed delivered a great policy, leaving no stones unturned and thus providing the much needed solace to the financial markets. The first policy of the new MPC is as aggressively dovish as it can be without actually cutting rates. It has tried to address most issues like liquidity, credit push and growth impetus. Right from increasing the quantum of OMO's and announcing of OMO's for SDL's to liquidity and credit push measures in terms of TLTRO's, extension of HTM window, rationalising the risk weights on Home loans to LTV's, and increasing the retail exposure; all will go a long way in assuaging the stress of liquidity strapped sectors and encouraging credit growth in the system. RBI has lived up to the "whatever it takes" statement to support growth. The growth optimism in the policy is quite palpable and should provide a lot of comfort to the markets. Since the start of the pandemic, the Central bank has stood firmly to support growth which is very commendable."

Ms. Padmaja Chunduru, MD & CEO, Indian Bank

"The Monetary Policy announcement is overall positive and growth oriented. The RBI Governor has rightly mentioned that focus must be on reviving the economy. Accordingly, The Accommodative stance was as expected. The RBI's assurance on maintaining comfortable liquidity conditions will assure the markets, at the same time enable the Government to go ahead with its borrowing programme smoothly. Some other welcome announcements are rationalisation of risk weightage in case of new housing loans on loan to value basis; and announcement of on tap TLTRO for Rs one trillion, at 4% till March 2021. With some sectors are already showing strong signs of recovery, the RBI's steps are in the right direction and will give further momentum to GDP growth".

Mr. Siddhartha Mohanty, MD & CEO of LIC HFL

"The RBI monetary policy announced today has been a significant step taken to ensure liquidity in the financial markets and also the availability of debt to specific sectors. Regulatory measures such as tweaks on risk weights for home loans aligning it to only the LTV's, increase of exposure limits to individual retail and small business loans and extension of co-origination models to cover all NBFCs and HFCs will help the sector. In recognition of the role of the real estate sector in generating employment and economic activity, it has been rightly decided to rationalise the risk weights and link them to loan-to-value (LTV) ratios only for all new housing loans sanctioned up to March 31, 2022. The Monetary Policy announcement is overall a positive, growth oriented and will give further momentum to GDP growth".

Mr. Mohit Ralhan, Managing Partner & CIO, TIW Private Equity

"RBI's decision to keep policy rates unchanged was on expected lines. The increase in inflation coupled with growth challenges due to COVID-19 pandemic have led RBI to adopt a wait and watch policy on the policy rate front and continue with the accommodative policy stance. There is no concern on the liquidity in the system right now. The easing of contraction in Indian economy from here on will be critical to keep the GDP decline below 9.5%. COVD-19 recoveries have been increasing and the pandemic situation is expected to be under much better control by the end of 2020. The rural economy is likely to lead the recovery supported by good monsoon and high crop production. The current period needs to be navigated carefully and RBI's policy stance reflects the same".


Source: Equity Bulls

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