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Shaktikanta Das Announces G-SAP Worth Rs.1.2 Lakh Crore In Q2FY22
In its second bi-monthly monetary policy statement today, RBI's governor Shaktikanta Das announced that one more round of G-SAP or Government Securities Acquisition Program worth Rs. 40000 crore shall be carried out on June 17. Additionally, G-SAP 2.0 of Rs 1.2 lakh crore will be conducted in Q2 FY22.
Primarily, the G-SAP move is aimed at supporting the bond markets which also results in softening of corporate bond yields.
"Auctions under G-SAP 1.0 have evoked keen interest from market participants. GSAP 1.0 evoked keen interest with bid-cover ratios of 4.1 and 3.5 in two auctions. We expect the market to respond positively to G-SAP 2.0," Das said.
On June 4, the RBI rate setting panel maintained status quo and continued with accommodative stance as long as necessary to revive economic growth. The MPC kept the repo rate unchanged at 4 percent, while reverse repo (RBI's borrowing rate is maintained at 3.35%).
"MPC has decided to continue with accomodative stance until necessary to mitigate impact of COPVID-19," Das said.
Also, after various rating agencies predicted a single digit growth for India for FY22, RBI also lowered its growth forecast to 9.5% from 10.5% earlier.
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