RBI MPC: Keep policy repo rate unchanged at 6.50%

by Psu Connect
Date: 08-06-23

India’s real gross domestic product (GDP) growth accelerated from 4.5 per cent (year-on-year, y-o-y) in Q3:2022-23 to 6.1 per cent in Q4, supported by fixed investment and higher net exports.

RBI MPC: Keep policy repo rate unchanged at 6.50%

RBI Governor Shri Shaktikanta Das

New Delhi: The Reserve Bank of India governor Shaktikanta Das today announced the monetary policy repo rate under the liquidity adjustment facility (LAF) which is unchanged at 6.50 per cent.

The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

The Monetary Policy Committee (MPC) also decided to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

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These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent.

According to the provisional estimates released by the National Statistical Office (NSO) on May 31, 2023, India’s real gross domestic product (GDP) growth accelerated from 4.5 per cent (year-on-year, y-o-y) in Q3:2022-23 to 6.1 per cent in Q4, supported by fixed investment and higher net exports. Real GDP growth for 2022-23 was placed at 7.2 per cent, higher than the second advance estimate of 7.0 per cent.