Repo rate unchanged at 6.5% Says Shashikant Das

The Reserve Bank of India (RBI) recently made some important decisions. They decided to keep the repo rate, which is the rate at which the RBI lends to commercial banks, unchanged at 6.5 percent. The RBI Governor, Shaktikanta Das, also announced that they are withdrawing the accommodative stance, which means they are changing their approach.

The Standing Deposit Facility (SDF) rate, which is the interest rate on funds kept by banks with the RBI, has been set at 6.25 percent. The bank rates, which are the rates at which the RBI borrows from or lends to commercial banks, remain at 6.75 percent.

The RBI Governor mentioned that the Monetary Policy Committee (MPC) unanimously agreed to withdraw the accommodative stance to address inflation. Additionally, the RBI has revised its projection for retail inflation for the fiscal year, reducing it from 5.2 percent to 5.1 percent.

In terms of India’s GDP growth, Governor Das provided projections for each quarter of the fiscal year. The expected growth is 8 percent for Q1, 6.5 percent for Q2, 6 percent for Q3, and 5.7 percent for Q4. The RBI has pegged India’s GDP growth for the entire fiscal year FY2023-24 at 6.5 percent.

During the announcement of the Reserve Bank of India’s (RBI) monetary policy committee (MPC) meeting outcome, Governor Shaktikanta Das emphasized the strength and resilience of the Indian economy and financial sector, especially in the face of global uncertainties. He mentioned that inflation has shown signs of slowing down, and the country’s foreign exchange reserves remain stable.

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