RBI keeps repo rate unchanged at 6.5 percent

RBI keeps repo rate unchanged at 6.5 percent

Daily Current Affairs   /   RBI keeps repo rate unchanged at 6.5 percent

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Category : Business and economics Published on: April 11 2023

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  • The Reserve Bank of India (RBI) has kept the repo rates unchanged at 6.5 percent.
  • The Monetary Policy Committee (MPC) of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
  • The Monetary Policy Committee meeting of the RBI took place on April 3, April 5, and April 6 to begin the central bank's first bimonthly review of the new fiscal year. 
  • A year is divided into six bimonthly reviews of the central bank's monetary policy. Additionally, there are out-of-cycle reviews, where the central bank holds extra sessions in urgent situations.
  • The RBI's Monetary Policy Committee (MPC) decided to increase the repo rate by 25 basis points, to 6.5 percent, at its most recent meeting in early February. 
  • Since May 2022, the RBI has increased the repo rate—the interest rate at which it loans to banks—by 250 basis points.
  • RBI has projected GDP growth for 2023-24 at 6.5 percent with risks evenly balanced and inflation to moderate to 5.2 percent.
  • Repo rate is the rate at which RBI lends to banks generally against government securities while the reverse repo is the rate at which RBI borrows money from the banks.
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