The RBI monetary policy committee stunned the market by not announcing an expected hike in reverse repo rates and leaving key policy rates at record lows since May 2020.

The committee also voted 5:1 in favour of maintaining the accommodative stance and in fact guiding to keep them accommodative till the economy recovers.

Also Read: RBI raises FPIs' investment limit in debt market to 2.5 cr

The central bank projected a growth rate of 7.8 percent for FY23 which is largely on expected lines. However what surprised markets was Reserve Bank's inflation projection of 4.5 percent for FY23.

Governor Shaktikanta Das defended the estimates saying it is based on practically all scenarios including scenarios of international oil prices. Governor also promised that the government's borrowing program for FY23 will be conducted in a smooth and non-disruptive manner.

Also Read: What RBI chief conveyed through Lata Mangeshkar's "Aaj phir..."

To decode the RBI monetary policy and the road ahead, CNBC-TV18 spoke to Pranjul Bhandari, Chief India Economist at HSBC; Neeraj Gambhir, Head of Treasury & Markets at Axis Bank; B Prasanna, Head of Global Markets Group at ICICI Bank and CS Setty, MD of Retail & Digital Banking at SBI.

Watch video for more.

First Published:Feb 10, 2022 7:52 PM IST