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RBI to launch new NRI scheme for Sovereign Green Bonds in IFSC

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With a view to facilitating wider non-resident participation in Sovereign Green Bonds, a scheme for investment and trading in these Bonds in the IFSC will be notified shortly, RBI Governor Shaktikanta Das announced on Friday.

He also said that the RBI would launch a mobile app for accessing the Retail Direct portal to widen the reach of the RBI Retail Direct Scheme which was launched in November 2021. This will be of greater convenience to retail investors and deepen the G-sec market.

In its monetary policy review on Friday, the RBI left the key policy rate unchanged at 6.5 per cent for the seventh consecutive time, to keep inflation in check and ensure that the economy moves on a stable growth path.

RBI Governor Shaktikanta Das said that the decision was made with five of the six members of the Monetary Policy Committee (MPC) favouring no change in the repo rate.

Das said the MPC decided to continue with the “withdrawal of accommodation” stance to control inflation.

The RBI would continue with its disinflationary policy to ensure a stable growth path for the economy, he added.

Das said that food price inflation continues to weigh on the trajectory going ahead.

Earlier, RBI Governor Shaktikanta Das said that India’s GDP growth for 2024-25 is projected at 7 per cent while the inflation forecast for the year has been retained at 4.5 per cent.