RBI Repo Rate: The Reserve Bank of India has decided to keep the repo rate stable at 6.5 percent for the 9th consecutive time. There has been no change in the repo rate for the last 18 months. Today was the last day of the RBI Monetary Policy Committee meeting which began on 6 August under the chairmanship of Reserve Bank of India Governor Shaktikanta Das. After the meeting ended, the governor announced the decisions of the committee. 4 out of 6 members of the RBI Monetary Policy Committee decided in favor of not changing the rates.
Decision to keep reverse repo rate and bank rate stable
RBI Governor Shaktikanta Das said that price stability is necessary for sustainable growth. Apart from the repo rate, it has been announced to keep MSF, reverse repo rate and bank rate stable. Let us tell you that the current MSF is 6.75%, reverse repo rate is 3.35 percent and bank rate is 6.75 percent. Shaktikanta Das said that the Reserve Bank of India is trying to achieve the inflation rate target of 4 percent. He said that the current global growth outlook looks positive but the medium-term global growth outlook looks challenging.
inflation rate at a high level
Let us tell you that experts across the country were already predicting that RBI will not make any change in the repo rate this time too. Experts believe that the current retail inflation rate of the country is at a high level. In June, the retail inflation rate reached a four-month high of 5.08 percent. Until the retail inflation rate comes down, there is very little possibility of a cut in the repo rate.
The repo rate was last changed in February 2023
The Reserve Bank of India (RBI) last changed the repo rate in the month of February 2023 and increased it. The repo rate has remained at 6.5 percent since February 2023.
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