RBI keeps repo rate unchanged at 6.5%; FY24 GDP growth estimate maintained at 6.5%

Daily Current Affairs / RBI keeps repo rate unchanged at 6.5%; FY24 GDP growth estimate maintained at 6.5%

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Category : Business and economics Published on: June 10 2023

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In line with expectations, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent, in its second bi-monthly monetary policy of fiscal 2023–24, which was held between June 6 and 8.
The repo rate is the rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds.
Further, the MSF rate remains unchanged at 6.75 per cent, while the bank rate also stands steady at 6.75 per cent.
RBI has also lowered retial inflation projection to 5.1 percent during FY'24 from earlier estimate of 5.2 percent. RBI Governor said that GDP growth in Q1 this fiscal year expected at 8 percent.