Mumbai / New Delhi, 08 June (Hindustan Times). The Reserve Bank of India (RBI) has once again given great relief to the people. RBI has retained the key policy rate repo rate at 6.50 per cent. This was announced by RBI Governor Shaktikanta Das after a three-day meeting of the Monetary Policy Committee (MPC).
The RBI governor said in a press conference on Thursday that the policy rate repo rate has been kept at 6.50 per cent. Along with this, the central bank has also retained the economic growth rate estimate for the current financial year 2023-24 at 6.5 percent. He said that all the members of the MPC voted in favor of not changing the repo rate.
Shaktikanta Das said that in view of the inflation data, the MPC has decided to keep the repo rate unchanged. According to the RBI governor, the inflation rate will remain above 4 percent in the April-June quarter. However, changing the earlier estimate, it has been reduced from 5.1 per cent to 4.6 per cent. Similarly, the inflation target for the July-September quarter has been reduced from 6.5 per cent to 6.2 per cent. At the same time, the inflation rate for the October-December quarter has been reduced from 6.0 percent and for January-March, 2024 from 5.9 percent to 5.7 percent.
It is noteworthy that RBI has increased the repo rate by 2.50 percent from May 2022 to February 2023. Earlier, the MPC meeting was held in April. In the previous meeting also, the repo rate was kept unchanged at 6.50 per cent. There has been no change in the repo rate for the second time in a row. The review meeting of the Monetary Policy Committee is held every two months.
