RBI keeps repo rate steady at 6.5% for ninth consecutive time
THE JHARKHAND STORY DESK Mumbai, August 8: The RBI’s Monetary Policy Committee (MPC) concluded its three-day meeting on August 8, which…
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THE JHARKHAND STORY DESK
Mumbai, August 8: The RBI’s Monetary Policy Committee (MPC) concluded its three-day meeting on August 8, which had started on August 6. Following the meeting, RBI Governor Shaktikanta Das announced the monetary policy rate, maintaining the repo rate at 6.5 percent for the ninth consecutive time.
The last change in the repo rate by the RBI was in February 2023. This is only the second time in the past 25 years that the RBI has kept the repo rate unchanged for such an extended period.
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RBI Governor Shaktikanta Das announced that the six-member committee decided by a 4-2 majority to keep the repo rate unchanged. Additionally, the central bank mentioned that it would withdraw its stance on monetary policy.
The RBI has also kept the Standing Deposit Facility rate at 6.25 percent. Furthermore, there has been no change in the Marginal Standing Facility rate and the Bank Rate, which remain at 6.75 percent.
The decision to hold the repo rate steady comes in response to persistent inflation, which remains above the RBI’s target range. The central bank’s goal of reducing inflation to 4 percent faces ongoing difficulties due to continuing food price increases and other economic factors.
