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Learn all about the monetary policy of India - what is monetary policy?, who makes it and how it influences your borrowing decisions. If you are looking to take some loan understand how the changes in the monetary policy affect you or work for you. The Monetary policy refers to a set of policies that are adopted by the Central Bank with a focus on promoting sustainable economic growth. It involves the overall management of money supply and interest rates to control several economic factors, including inflation, liquidity, consumption, and growth. The monetary policy of the central bank of the nation (RBI) refers to the use of monetary instruments to achieve certain economic goals, as per the Reserve Bank of India Act, 1934. The major goal of the policy implemented by the central bank is to maintain neutral interest rates depending on the current social and economic factors. Monetary policies focus on balancing the monetary scale to avoid inflation and other socio-economic situations. When the central bank increases or decreases the borrowing rates as per their policies, other financial institutes and banks also change their rates. Monetary policy is a set of tools controlled by the central bank of the country that focuses on maintaining a sustainable growth of the economy across the nation. The central bank increases and decreases the money supply that is available in the banks of the nation. The main focus is to promote economic growth by controlling the interest rates in the country. These policies balance the overall supply of money in the country by bringing a balance to the nation's banks, businesses in the country. All customers are rate-sensitive when it comes to borrowing loans from lenders. Irrespective of the size of businesses, they always prefer borrowing loans when the interest rates remain on the lower side. The overall borrowing of loans can be controlled by the implementation of the monetary policy by the central bank. The policies can also change bank reverse requirements. Monetary policies can be roughly classified into two sections - contractionary and expansionary depending on their current set of rules and terms in the country. Also Read - Top 10 Largest Banks in India The central bank i.e Reserve Bank of India, follows a set of policies to focus on the economic growth of the country. The goal is to take several measures to control the supply of money and the cost of credit in India. The RBI monetary policy uses several instruments such as bank rates, credit controls, interest rates, open market rates, and currency supply. Additional Info: You can also check Best Home Loan Interest Rates Take a look at the chart to understand the current monetary policy rates as per the indicators of the central bank. These rates are calculated based on the rules set by the central bank in the country in 2021. The Indian monetary policy can change the interest rates and the supply of money in the country based on several situations. The monetary policies focus on the availability of the overall amount in the country and the cost of credit all the time. Also Read - Top 10 Commercial Banks in India The major objective of the RBI monetary policy is to focus on the overall economic growth of the country by controlling the money supply and utilization. In order to fully understand the concept of monetary policy and how they work, you must go through the objectives of the central bank in India. Controlling the interest rates can bring an immense change in the utilization of money in the country. Individuals and businesses seek to borrow loans when the interest rate remains on the lower side. An increased rate maintains the monetary balance in the country well. Also Read - Understanding the Concept of an LTV The role of implementing the monetary policies across the country are performed by the RBI. The focus is on maintaining price stability while focusing on overall economic growth. There are three major types of policies that are implemented by the central bank of India. It is one of the most influential types of monetary policy. Contractionary policies are implemented in order to fight and remove inflation in the country. It decreases the money supply along with raising the interest rates in the economy. Therefore, the borrowers find borrowing loans during this period created by the contractionary policy. The overall economic activity reduces due to this situation. It can control inflation in the economy. Expansionary monetary policies are implemented in the country by increasing the overall money supply and decreasing interest rates in the economy. When the interest rates decrease, borrowers all over the country seek out loans which eventually increases economic activity. This situation can lead to more employment opportunities in the nation. However, this situation can lead to inflation due to the availability of money, other services and goods in the country. Unconventional policies are implemented by the central bank when the primary instruments of their monetary policies stop achieving the desired results in the economy. These are the three major types of monetary policy that are implemented by the central bank in India to control the overall monetary situation while focusing on the economic growth of the country. Also Read - Understanding the Concept of FOIR The monetary policy of RBI follows a set of tools to ensure the overall economy of the country remains in a balanced state. Open market operations refer to the procedure that focuses on selling and buying government securities and treasury bills to regulate the money supply in the country. When the government wants to decrease the money supply rates, it implements these bonds. As per the current monetary policy of India, the money is used to buy these bonds so that the internet rates in the economy increase. When the government wants to increase the money supply of the country, they sell these bonds and decrease the interest rates instantly. The banks of India keep liquid assets in the texture of gold, approved securities and cash. The reduction of the SLR, therefore, affects the overall availability of money in the country. The CRR refers to the cash that is held by the RBI as a percentage of NDTL (Net Demand and Time Liabilities). When the CRR increases, it becomes essential for the banks in the country to keep huge portions of the deposits with the central bank. It is another essential tool used by the monetary policy of RBI. The central bank, directly and indirectly, influences the other banks in the country to regulate the same terms of credit growth through oral and formal communication. By following the selective credit control method, the RBI controls the growth of the country in 2 ways: The monetary policies of India use the LF to purchase money from them on certain repurchase agreements. Also Read - What is MCLR? The monetary policy committee or MPC determines the interest rate policies in the country. The central government constituted the committee under section 45ZB to focus on the overall economic growth of the country while controlling the supply of money in the economy. In order to fully understand what is monetary policy, one must understand how monetary policy transmission works. It is a procedure that refers to the way the targeted policies meet the ultimate objectives and control growth and inflation in the country. It refers to the process of how the rules and policies of the central bank are implemented in the country to meet the ultimate objectives of economic growth and inflation control. The way in which the entire procedure takes place is called the monetary policy transmission. Also Read - Difference between NRO and NRE Accounts The monetary policy mainly refers to the activities and set of rules that are implemented by the central bank of the country to focus on the overall economic growth while controlling the supply of money and inflation in the country. On the other hand, Fiscal policy refers to the decisions taken by the government regarding taxation policies and spending. Both the fiscal policy and the monetary policies focus on the economic growth of the country. However, the fiscal policy mainly focuses on the government's decisions regarding the taxation policies in the country. And the monetary policies focus on the overall economic growth of the country. Also Read - 5 Types of Short-Term Loans in India Know how good your score is Get insights on how to improve it Unlock offers as per your score The members of the Federal open market committee meet around eight times per year to decide whether or not any changes will be implemented in the monetary policies of the country. The two major types of monetary policy or expansionary monetary policy and contractionary monetary policy. The expansionary policy increases the overall money supply by decreasing the interest rates in the country. On the other hand, the contractionary policy decreases the money supply and increases the interest rates in the country. The major factors that affect the monetary policies include changes in GDP, the rate of anticipated inflation, the rate of interest in the country, for how long it is possible for one to use debit cards and credit cards, the numbers of monetary transactions we expect to have per year, and others. These are the major factors that affect the Indian monetary policy. The main purpose of monetary policy is to focus on the economy's overall growth while maintaining a good supply of money and controlling inflation in the country. The monetary policy implemented by the country's central bank ensures economic growth and controls the money supply. Therefore, the rules and terms of these policies can affect the interest rates of the country. An increased or decreased interest rate can lead to inflation-like situations. When the interest rates increase, inflation is controlled in the economy. Due to the unavailability of money in the country, borrowers stay away from taking out loans frequently. On the other hand, when interest rates decrease, more people take out loans. Inflation takes place when the interest rates remain on the lower side. Unemployment is another issue that arises in this situation. If a recession arises, the RBI uses an expansionary monetary policy. The increase in the money supply in the economy promotes the number of loans and reduces the interest rates in the country. When the interest rates decrease, more people and businesses take out loans. Due to the over availability of money in the country, a situation like inflation can take place. Businesses often stay away from borrowing loans when the interest rates remain on the higher side. This contractionary method causes several developmental problems for businesses. Monetary policies use several methods to control the economic growth of the country. While following the contractionary policy, the central bank decreases the money supply and increases interest rates in the country. On the other hand, when they follow the expansionary policy, the interest rates of the country decrease.
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किन बढाए बैंकहरुले निक्षेपमा ब्याज ? आर्थिक वर्षको अन्त्यमा सरकारले विकास निर्माणका काममा खर्च बढाएकाले बजारमा तरलता पर्याप्त भए पनि केही बैंकहरूले निक्षेपमा ब्याजदर बढाएका छन् । असारमा बैंकहरूमा थपिएको तरतलाले २ महीना जति धान्ने र त्यसपछि तरलतामा समस्या आउने गरेको विगतको अनुभवका आधारमा बैंकहरूले बढी ब्याजदर दिएर निक्षेप वृद्धितर्फ लागेको हुन सक्छ । अहिले बैंकहरूको कर्जा निक्षेप अनुपात कसिलो भएकाले कर्जामा ब्याजदर बढ्ने सम्भावना प्रबल भएको बैंकरहरूको भनाइ छ । ब्याजदर अन्तरलाई यथाशक्य कम गर्न राष्ट्र बैंकले मौद्रिक नीतिमार्फत विशेष व्यवस्था गर्न खोजेको र सकेको देखिँदैन । अर्थतन्त्रलाई गति दिन तथा उद्योग व्यवसाय फस्टाउन कर्जाको ब्याजदर न्यून हुनु पनि आवश्यक मानिन्छ । अन्य विषयबाहेक ब्याजदरले पनि लगानीमा प्रभाव पार्छ । विकसित देशहरूमा ब्याजदर ज्यादै न्यून हुन्छ । सस्तो ब्याजदरले नै त्यहाँको अर्थतन्त्रलाई थप गति दिएको देखिन्छ । तर, नेपालमा व्यवसायीले बारम्बार कर्जाको ब्याजदर बढी भयो भन्ने गुनासो गरेको पाइन्छ । उदार अर्थतन्त्र अपनाएको हुँदा सरकार वा राष्ट्र बैंकले प्रत्यक्ष हस्तक्षेप गरेर ब्याजदर कम गर्न मिल्दैन । तर, उपयुक्त रणनीति अपनाउन सके ब्याजदर कम गर्न नसकिने भने होइन । त्यसका लागि विभिन्न उपकरण र रणनीति आवश्यक हुन्छ जसका लागि केन्द्रीय बैंकले विशेष भूमिका खेल्नुपर्ने हुन्छ । अर्थतन्त्रलाई गति दिन र स्वस्थ बनाउन निक्षेपमा ब्याजदर बढ्नुपर्छ र कर्जामा घट्नुपर्छ । यसले एकातिर बचतलाई प्रोत्साहित गर्छ भने अर्कातिर लगानीको अवसर दिन्छ । पैसा जति सस्तोमा पाइन्छ त्यति नै मुनाफा बढी पाउन सकिने भएकाले लगानी पनि बढ्छ । ब्याजदर कम गर्नका लागि यथाशक्य ब्याजदर अन्तरलाई शून्यको नजिकमा ल्याउनुपर्छ । निक्षेप र कर्जाको ब्याजदरमा अन्तर जति कम हुन्छ त्यति नै दुवै पक्ष लाभान्वित हुन सक्छन् । ब्याजदर अन्तरलाई शून्यको नजिक ल्याउनै नसकिने होइन । तर, कतिपयले, नियामकहरूले समेत, यसो हुन असम्भव भन्ने सोच राख्ने गरेको पाइन्छ । त्यो कसरी गर्न सकिन्छ भन्नेतर्फ खोजी खोजी गर्ने हो भने यसका उदाहरणहरू विभिन्न देशहरूबाट पाउन सकिन्छ । उद्योगी व्यवसायीले कर्जाको ब्याजदर घटाउन सरकारसँग हारगुहार गरेका छन् । तर, ब्याजदर अन्तर कम गर्न के गर्न सकिन्छ भन्नेबारे कुनै सुझाव दिएको चाहिँ पाइँदैन । त्यसैले अब राष्ट्र बैंक, बैंकर र व्यवसायीहरू सबैले मिलेर यस्ता उपायको खोजी गर्नुपर्छ । कोरोना संकटबाट प्रभावित अर्थतन्त्रलाई बिउँताउन अरू उपायका साथै ब्याजदर घटाउनु पनि आवश्यक छ । के गरेर ब्याजदर घटाउन सकिन्छ त्यतातिर राष्ट्र बैंकको ध्यान जानुपर्छ । राष्ट्र बैंक मौद्रिक नीतिका तयारीमा जुटेको छ । आगामी मौद्रिक नीतिले त्यसप्रति प्रयास गरेको छनक देखिनुपर्यो । कर्जा रासनिङ गर्ने, निर्देशित कर्जा नीति, ब्याजदरमा तल्लो र माथिल्लो सीमा प्रशासनिक आदेशबाट निर्धारण आदि जस्ता कुरामा नै मौद्रिक नीतिको ध्यान गइरहेको उदाहरण नेपालको मौद्रिक नीतिको इतिहासमा पाइन्छ । यही परम्परागत ढर्रालाई अझै अवलम्वन गरेर अहिलेका चुनौतीहरूलाई सम्बोधन गर्न सकिँदैन । हुन त नेपाल राष्ट्र बैंकले स्वतन्त्र रूपले मौद्रिक नीति ल्याउन पाएको छैन । यसमा सरकारी हस्तक्षेप हुने क्रम वर्षेनि बढिरहेको छ । त्यसैले पूर्वगभर्नरहरूले सरकारको छाया मौद्रिक नीतिमा देखिन नहुने बताएका छन् । राष्ट्र बैंकको यसको स्वायत्तता जोगाउन राष्ट्र बैंकका गभर्नरको भूमिका बढी हुन्छ । भर्खरै भएको सरकार परिवर्तनले यस वर्षको मौद्रिक नीतिमा ढिलाइ हुने संकेत पाइएको छ । यसको अर्थ वर्तमान सरकारले पनि यस्तो हस्तक्षेप जारी राखेको भन्ने हो । त्यसो नगरी राष्ट्र बैंकले स्वतन्त्र रूपमा मौद्रिक नीति ल्याउन पाउनुपर्छ । अहिलेका लागि ब्याजदर अन्तर कम गर्न सकिने उपायहरूको खोजीमै लागेर ती उपकरणमार्फत यो समस्यालाई सम्बोधन गर्न राष्ट्र बैंकले हिम्मत गर्नुपर्छ । आर्थिक अभियानको सम्पादकीय