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Comments on RBI MPC announcement from Muthoot Finance, Creditas Solutions, Kotak Mahindra Bank

Posted On: 2021-04-07 04:37:22 (Time Zone: Arizona, USA)

Muthoot Finance's MD, George Alexander Muthoot on RBI's MPC announcement:

"RBI's MPC expectedly stood pat on policy rates and reiterated accommodative stance as long as necessary to ensure economic activities are fully supported for durable recovery despite second wave of Covid-19 cases. The central bank retaining its 10.5% GDP growth forecast for FY22 shows faith in contribution to economic revival by key sectors and its liquidity measures along with bank lending to NBFCs being extended till September 30, 2021 is an acknowledgement of the systematically important role NBFCs have played in lending to the last mile. We remain steadfast and true to our promise of supporting all financial needs of MSMEs and individuals in making them Atmanirbhar."

Anshuman Panwar, Co-Founder, Creditas Solutions

"The first bi monthly policy for FY22 has been on expected lines with RBI keeping repo rate unchanged but re affirming its commitment to maintain an accommodative stance. The central bank has also clearly stated that financial stability remains it's top agenda so that nascent economic recovery becomes more durable in nature. It has backed this with a sizeable gilt acquisition programme in order to keep yields under check. This will also keep interest rates benign and ensure there is no additional pressure on retail borrowers. Further RBI will now set up a committee for a comprehensive review of Asset Reconstruction Companies ARCs. I think this is a much needed step to harness the full potential of ARCs so that the key issue of sizeable bad loans is addressed in a sustained and holistic manner. This is also crucial as economic growth revives and banks need the confidence to lend aggressively."

Sujata Guhathakurta, President & Business Head, Debt Capital Markets-Sales, Kotak Mahindra Bank

"The Reserve Bank of India (RBI) delivered a dovish policy. As expected there was a status quo on the policy rates, and the stance was maintained as accommodative with special mention to retain the same to mitigate Covid impact. The G-SAP 1.0 is a very welcome move which the markets have been waiting since the last couple of months. The Rs one lakh crore purchase commitment in the first quarter of FY22 in addition to special OMOs, gives a lot of comfort and is exactly what the markets needed. Considering the huge liquidity of close to Rs 6 lakh crore, RBI has expressed that VRRR is there to stay, but should not be looked from the point of view of liquidity absorption, which is the right decision and action. Overall an excellent policy."

Source: Equity Bulls

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