The Reserve Bank of India (RBI) has announced a new initiative to launch podcasts as part of its communication strategy, aiming to reach a broader audience and simplify complex economic topics for the public.
Explaining the rationale, RBI Governor Shaktikanta Das said during the post-monetary policy meeting press conference on Friday, “I think podcasts as an instrument of communication have become popular, particularly among youngsters. So we at the RBI thought this was the requirement of the time. Also, I think we should be ahead of the curve. It’s basically a communication tool to connect with a wider section of people.”
The RBI has been steadily expanding its public awareness initiatives, using both traditional and modern tools like social media. The introduction of podcasts is part of this effort to enhance transparency and connect with the public on matters of economic and monetary policy.
Monetary Policy Highlights
In the same meeting, the RBI’s Monetary Policy Committee made key decisions:
- Repo Rate: Kept unchanged at 6.5% for the 11th consecutive time, maintaining a neutral monetary policy stance.
- GDP Forecast: Revised downward for FY 2024-25, from 7.2% to 6.6%, reflecting changing economic dynamics.
- CRR Reduction: The Cash Reserve Ratio (CRR) was cut by 50 basis points, from 4.5% to 4%, infusing Rs 1.15 lakh crore into the banking system.
- Retail Inflation Projection: Increased from 4.5% to 4.8% for FY 2024-25.
Transparent Communication for Better Understanding.
The RBI emphasized that its evolving communication toolkit, including social media and now podcasts, is designed to ensure the transparency of its decisions and explain their rationale effectively. Das noted, “Podcasts will help explain things simply among the wider section of society.”
This initiative aligns with the central bank’s goal of making monetary policies and economic insights accessible to a diverse audience, particularly the younger generation, who increasingly consume content in audio formats.
The combination of enhanced communication efforts and critical monetary decisions underscores the RBI’s dual focus on fostering public awareness and maintaining economic stability.
