Monetary Policy and RBI Toolsमौद्रिक नीति और RBI के उपकरणचलनविषयक धोरण आणि रिझर्व्ह बँकेची साधने questions and answersप्रश्न और उत्तर

How monetary policy and rbi tools worksमौद्रिक नीति और RBI के उपकरण को समझिए

Think of the RBI as the bank for banks. When your bank runs short of money for a day, it borrows from the RBI and pledges government bonds as security. The interest it pays is the repo rate. If the repo rate goes up from, say, 6 to 6.5 per cent, your bank’s own cost rises, and soon your home loan EMI of Rs 10,000 creeps up too. That is how one rate set in Mumbai reaches your kitchen budget.RBI को बैंकों का बैंक समझिए। जब आपके बैंक के पास किसी दिन पैसे कम पड़ जाते हैं, तो वह RBI से उधार लेता है और ज़मानत के रूप में सरकारी बॉन्ड गिरवी रखता है। इस पर वह जो ब्याज चुकाता है, वह रेपो दर है। अगर रेपो दर, मान लीजिए, 6 से 6.5 प्रतिशत हो जाए, तो आपके बैंक की अपनी लागत बढ़ती है, और जल्द ही आपके होम लोन की ₹10,000 की EMI भी धीरे-धीरे बढ़ जाती है। इसी तरह मुंबई में तय एक दर आपकी रसोई के बजट तक पहुँचती है।RBI ला बँकांची बँक समजा. एखाद्या दिवशी तुमच्या बँकेकडे पैसे कमी पडले, तर ती RBI कडून कर्ज घेते आणि तारण म्हणून सरकारी रोखे गहाण ठेवते. यावर ती जे व्याज भरते, तो रेपो दर. रेपो दर समजा 6 वरून 6.5 टक्के झाला, तर तुमच्या बँकेचा स्वतःचा खर्च वाढतो, आणि लवकरच तुमच्या गृहकर्जाचा ₹10,000 चा EMI सुद्धा हळूहळू वाढतो. अशा रीतीने मुंबईत ठरलेला एक दर तुमच्या स्वयंपाकघराच्या बजेटपर्यंत पोहोचतो.

The opposite happens when banks have extra money lying idle. They can park it with the RBI. Under reverse repo the RBI gives them securities in return; under the Standing Deposit Facility, started in 2022, the RBI simply takes the money without giving securities. The Marginal Standing Facility is the emergency door: a bank that is badly short can borrow overnight at a rate higher than repo, even using the bonds it is supposed to keep for SLR.उलटा तब होता है जब बैंकों के पास अतिरिक्त पैसा बेकार पड़ा हो। वे इसे RBI के पास रख सकते हैं। रिवर्स रेपो में RBI बदले में उन्हें प्रतिभूतियाँ देता है; 2022 में शुरू हुई स्थायी जमा सुविधा (SDF) में RBI बिना कोई प्रतिभूति दिए सीधे पैसा ले लेता है। सीमांत स्थायी सुविधा (MSF) आपातकालीन दरवाज़ा है: जिस बैंक के पास पैसे की भारी कमी हो, वह रेपो से ऊँची दर पर रातभर के लिए उधार ले सकता है, उन बॉन्डों का उपयोग करके भी जिन्हें उसे SLR के लिए रखना होता है।बँकांकडे अतिरिक्त पैसा पडून असतो तेव्हा उलटे घडते. त्या तो RBI कडे ठेवू शकतात. रिव्हर्स रेपोमध्ये RBI त्याबदल्यात त्यांना रोखे देते; 2022 मध्ये सुरू झालेल्या स्थायी ठेव सुविधेत (SDF) RBI कोणतेही रोखे न देता थेट पैसा स्वीकारते. सीमांत स्थायी सुविधा (MSF) हा आपत्कालीन दरवाजा आहे: ज्या बँकेकडे पैशाची तीव्र टंचाई आहे ती रेपोपेक्षा जास्त दराने रात्रभरासाठी कर्ज घेऊ शकते, अगदी SLR साठी ठेवायचे रोखे वापरूनही.

Then there are the reserve rules. Suppose you deposit Rs 100 in a bank. Under CRR, a few rupees must go to the RBI as cash and earn nothing. Under SLR, some more must stay with the bank in safe things like cash, gold and government bonds. Only the rest can be lent. Raise these ratios and banks have less to lend, so money becomes tight.फिर आरक्षित निधि के नियम आते हैं। मान लीजिए आप बैंक में ₹100 जमा करते हैं। CRR के तहत कुछ रुपये नकद के रूप में RBI के पास जाने चाहिए, जिन पर कुछ नहीं मिलता। SLR के तहत कुछ और पैसा बैंक के पास ही नकद, सोना और सरकारी बॉन्ड जैसी सुरक्षित चीज़ों में रहना चाहिए। केवल बचा हुआ पैसा उधार दिया जा सकता है। ये अनुपात बढ़ाइए तो बैंकों के पास उधार देने को कम पैसा बचता है, और पैसा तंग हो जाता है।मग राखीव निधीचे नियम येतात. समजा तुम्ही बँकेत ₹100 जमा केले. CRR नुसार त्यातील काही रुपये रोख स्वरूपात RBI कडे जावे लागतात आणि त्यांवर काहीही मिळत नाही. SLR नुसार आणखी काही पैसा बँकेकडेच रोख, सोने आणि सरकारी रोखे अशा सुरक्षित स्वरूपात राहावा लागतो. फक्त उरलेला पैसा कर्ज म्हणून देता येतो. ही प्रमाणे वाढवली की बँकांकडे कर्ज देण्यासाठी कमी पैसा राहतो, आणि पैसा आखडतो.

Open market operations are the RBI buying or selling government bonds. When the RBI buys bonds, it pays banks cash, so money in the system rises; when it sells, cash is pulled out. The Monetary Policy Committee, a six-member body created in 2016, votes on the repo rate. Rates change every few months, so prelims papers ask what the tools mean, not today’s numbers.खुले बाज़ार की क्रियाएँ (OMO) यानी RBI का सरकारी बॉन्ड ख़रीदना या बेचना। जब RBI बॉन्ड ख़रीदता है, तो वह बैंकों को नकद देता है, इसलिए तंत्र में पैसा बढ़ता है; जब बेचता है, तो नकद बाहर खिंच जाता है। मौद्रिक नीति समिति, 2016 में बनी छह सदस्यों की संस्था, रेपो दर पर मतदान करती है। दरें हर कुछ महीनों में बदलती हैं, इसलिए प्रारंभिक परीक्षा में उपकरणों का अर्थ पूछा जाता है, आज के आँकड़े नहीं।खुल्या बाजारातील व्यवहार (OMO) म्हणजे RBI ने सरकारी रोखे खरेदी करणे किंवा विकणे. RBI रोखे खरेदी करते तेव्हा ती बँकांना रोख पैसे देते, त्यामुळे व्यवस्थेतील पैसा वाढतो; विकते तेव्हा रोख पैसा बाहेर ओढला जातो. चलनविषयक धोरण समिती, 2016 मध्ये स्थापन झालेली सहा सदस्यांची संस्था, रेपो दरावर मतदान करते. दर दर काही महिन्यांनी बदलतात, म्हणून पूर्व परीक्षेत साधनांचा अर्थ विचारला जातो, आजचे आकडे नव्हे.

Answers and full solutions are shown. Hide them to test yourself first.उत्तर और पूरे हल दिखाए गए हैं। पहले खुद को परखने के लिए इन्हें छिपाइए।

1. Example 1उदाहरण 1 · Monetary policy terms · Easyआसान

   In the RBI’s monetary policy, what does "Statutory Liquidity Ratio (SLR)" mean?

   1. the RBI persuading banks through talks, letters and advice, without a formal order
   2. the RBI’s daily window for lending money to banks and absorbing their extra money, through repo and reverse repo
   3. the rate at which the RBI buys or rediscounts bills of exchange, also used to set penalties on banks
   4. the share of a bank’s deposits that it must keep with itself in safe assets such as cash, gold and government securities
   Answer:उत्तर: the share of a bank’s deposits that it must keep with itself in safe assets such as cash, gold and government securities

   1. Statutory Liquidity Ratio (SLR): the share of a bank’s deposits that it must keep with itself in safe assets such as cash, gold and government securities.
   2. Bank rate: the rate at which the RBI buys or rediscounts bills of exchange, also used to set penalties on banks (charged when a bank falls short of CRR or SLR).
   3. Moral suasion: the RBI persuading banks through talks, letters and advice, without a formal order.
   4. Liquidity Adjustment Facility (LAF): the RBI’s daily window for lending money to banks and absorbing their extra money, through repo and reverse repo.
   5. Source: https://rbi.org.in/

2. Example 2उदाहरण 2 · Monetary policy terms · Mediumमध्यम

   Consider the following statements: 1. "Monetary Policy Committee (MPC)" means the six-member committee that decides the policy repo rate. 2. "Margin requirement" means the gap between the value of goods or securities pledged and the loan a bank gives against them. Which of the statements given above is/are correct?

   1. 1 only
   2. 2 only
   3. Both 1 and 2
   4. Neither 1 nor 2
   Answer:उत्तर: Both 1 and 2

   1. Statement 1 is correct: Monetary Policy Committee (MPC): the six-member committee that decides the policy repo rate.
   2. Statement 2 is correct: Margin requirement: the gap between the value of goods or securities pledged and the loan a bank gives against them.
   3. Source: https://rbi.org.in/

3. Example 3उदाहरण 3 · Monetary policy terms · Hardकठिन

   Consider the following pairs (Term : Meaning): 1. Standing Deposit Facility (SDF) : the rate at which the RBI takes surplus money from banks without giving any securities in return 2. Liquidity Adjustment Facility (LAF) : the RBI’s daily window for lending money to banks and absorbing their extra money, through repo and reverse repo 3. Marginal Standing Facility (MSF) : an emergency overnight window where banks borrow from the RBI at a rate above the repo rate, even using their SLR securities How many of the pairs given above are correctly matched?

   1. Only one pair
   2. Only two pairs
   3. All three pairs
   4. None of the pairs
   Answer:उत्तर: All three pairs

   1. Pair 1 is correct: Standing Deposit Facility (SDF): the rate at which the RBI takes surplus money from banks without giving any securities in return (introduced in April 2022).
   2. Pair 2 is correct: Liquidity Adjustment Facility (LAF): the RBI’s daily window for lending money to banks and absorbing their extra money, through repo and reverse repo.
   3. Pair 3 is correct: Marginal Standing Facility (MSF): an emergency overnight window where banks borrow from the RBI at a rate above the repo rate, even using their SLR securities.
   4. So 3 of the 3 pairs are correctly matched.
   5. Source: https://rbi.org.in/

4. Example 4उदाहरण 4 · Monetary policy terms · Mediumमध्यम

   In the RBI’s monetary policy, what does "Marginal cost of funds based lending rate (MCLR)" mean?

   1. a bank’s internal minimum lending rate, worked out from its own cost of funds, introduced in 2016
   2. the RBI buying or selling government securities in the open market to add or remove money
   3. the six-member committee that decides the policy repo rate
   4. the gap between the value of goods or securities pledged and the loan a bank gives against them
   Answer:उत्तर: a bank’s internal minimum lending rate, worked out from its own cost of funds, introduced in 2016

   1. Marginal cost of funds based lending rate (MCLR): a bank’s internal minimum lending rate, worked out from its own cost of funds, introduced in 2016.
   2. Monetary Policy Committee (MPC): the six-member committee that decides the policy repo rate.
   3. Margin requirement: the gap between the value of goods or securities pledged and the loan a bank gives against them.
   4. Open market operations (OMO): the RBI buying or selling government securities in the open market to add or remove money.
   5. Source: https://rbi.org.in/

5. Example 5उदाहरण 5 · Monetary policy terms · Mediumमध्यम

   Which monetary policy term means: the rate at which the RBI takes surplus money from banks without giving any securities in return?

   1. Reverse repo rate
   2. Standing Deposit Facility (SDF)
   3. Repo rate
   4. Marginal Standing Facility (MSF)
   Answer:उत्तर: Standing Deposit Facility (SDF)

   1. Standing Deposit Facility (SDF): the rate at which the RBI takes surplus money from banks without giving any securities in return (introduced in April 2022).
   2. Reverse repo rate: the rate at which the RBI borrows money from banks by giving them government securities.
   3. Marginal Standing Facility (MSF): an emergency overnight window where banks borrow from the RBI at a rate above the repo rate, even using their SLR securities.
   4. Repo rate: the main policy rate, at which the RBI lends short-term money to banks against government securities (set by the Monetary Policy Committee).
   5. Source: https://rbi.org.in/

6. Example 6उदाहरण 6 · Monetary policy terms · Mediumमध्यम

   Consider the following statements: 1. "Standing Deposit Facility (SDF)" means the rate at which the RBI borrows money from banks by giving them government securities. 2. "Marginal cost of funds based lending rate (MCLR)" means the six-member committee that decides the policy repo rate. Which of the statements given above is/are correct?

   1. 1 only
   2. 2 only
   3. Both 1 and 2
   4. Neither 1 nor 2
   Answer:उत्तर: Neither 1 nor 2

   1. Statement 1 is wrong: it pairs Standing Deposit Facility (SDF) with "the rate at which the RBI borrows money from banks by giving them government securities". In fact, Standing Deposit Facility (SDF): the rate at which the RBI takes surplus money from banks without giving any securities in return (introduced in April 2022).
   2. Statement 2 is wrong: it pairs Marginal cost of funds based lending rate (MCLR) with "the six-member committee that decides the policy repo rate". In fact, Marginal cost of funds based lending rate (MCLR): a bank’s internal minimum lending rate, worked out from its own cost of funds, introduced in 2016.
   3. Source: https://rbi.org.in/

Common mistakesआम गलतियाँ

• Mixing up CRR and SLR. CRR money sits with the RBI as cash; SLR assets stay with the bank itself.CRR और SLR को आपस में मिला देना। CRR का पैसा नकद के रूप में RBI के पास रहता है; SLR की परिसंपत्तियाँ बैंक के अपने पास रहती हैं।CRR आणि SLR यांची गल्लत करणे. CRR चा पैसा रोख स्वरूपात RBI कडे राहतो; SLR ची मालमत्ता बँकेकडेच राहते.
• Thinking a higher repo rate puts more money in the market. It does the opposite: borrowing becomes costlier, so less money flows.यह मानना कि ऊँची रेपो दर बाज़ार में अधिक पैसा लाती है। होता उलटा है: उधार लेना महँगा हो जाता है, इसलिए कम पैसा बहता है।रेपो दर वाढल्याने बाजारात जास्त पैसा येतो असे समजणे. उलट घडते: कर्ज घेणे महाग होते, म्हणून कमी पैसा फिरतो.
• Calling MSF a cheaper option. MSF is always above the repo rate, because it is meant for emergencies.MSF को सस्ता विकल्प कहना। MSF हमेशा रेपो दर से ऊपर होती है, क्योंकि यह आपात स्थिति के लिए है।MSF ला स्वस्त पर्याय म्हणणे. MSF नेहमी रेपो दरापेक्षा जास्त असतो, कारण तो आपत्कालीन परिस्थितीसाठी आहे.

Frequently asked questionsअक्सर पूछे जाने वाले प्रश्न