PaisaHiranyagarbha · Class 11-12
Repo, corridor aur rupaya: MPC ki mushkil
Tel mehenga ho, monsoon kamzor ho, aur Fed ki dar badhe, tab RBI kya karega?
Socho pehle… phir dekho jawab
RBI ke saamne trade-off hai: daam kaabu karein, ya growth bachayein, ya rupaye ko sambhalein. Repo rate uska mukhya hathiyaar hai.
Mechanism: repo wo dar hai jis par RBI bankon ko karz deta hai. Corridor ke andar Standing Deposit Facility (SDF), jahan bank bina collateral ke surplus paisa rakhte hain, repo se 25 bp neeche hoti hai, aur Marginal Standing Facility (MSF), raat bhar ki emergency khidki, 25 bp upar. Repo 5.25% ho toh SDF 5.00% aur MSF 5.50% hoti hai.
Transmission: repo badhi, toh bank-dar badhti hain, karz aur EMI mehenge, maang dheemi, aur daam ki raftaar kam. Par yeh asar waqt leta hai aur poora nahi hota.
Context: ET ke mutabik tel (Brent) $100 ke upar, FY27 ke $85 ke anuman se bahut upar; monsoon mein kareeb 13% ki kami; aur Fed ki badhat se India-US 10-year yield ka antar 189 bp tak simat gaya. Aisa antar ghatne par videshi paisa nikalne ka dar badhta hai aur rupaya kamzor hota hai. 21 mein se 20 economists ko 25 bp badhat ki ummeed hai, par yeh preview hai, faisla nahi.
Trade-off: badhat se daam aur rupaya sambhalte hain, par growth aur karz-dar par bojh badhta hai. Imported inflation (tel) ko repo se poori tarah nahi rok sakte. Sahi tool wahi hai jo asli kaaran se mel khaaye.
Ghar pe try karo
Ek chhota diagram banao: repo, SDF aur MSF teen line mein. Ek 'agar repo 25 bp badhe' wala scenario draw karo aur teeno dar likho.
Wow!
Repo ke upar-neeche 25 bp ki corridor bankon ki overnight dar ko ek 'hallway' ke andar rakhti hai!
3 sawaal
- Standing Deposit Facility (SDF) repo se kitni neeche hoti hai?
Jawab dekho
25 bp. SDF repo se 25 bp neeche; MSF 25 bp upar.
- Corridor mein MSF kya hai?
Jawab dekho
Raat bhar ki emergency khidki. MSF bankon ke liye overnight emergency khidki hai.
- India-US yield ka antar ghatne par kya jokhim badhta hai?
Jawab dekho
Videshi paisa nikalne aur rupaya kamzor hone ka. Antar ghatne par videshi paisa nikal sakta hai aur rupaya kamzor ho sakta hai.
NCERT se jodo: NCERT Class 12 Macroeconomics — mudra aur banking; Class 11 Economics — arthvyavastha ki samajh