RBI’s gift to people on festival, repo rate kept at 6.5 percent. Loktej Business News
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Mumbai, 06 October (HS). The Reserve Bank of India (RBI) has given a big gift to the people before the festival. RBI has kept the policy rate repo rate at 6.5 percent for the fourth consecutive time. RBI Governor Shaktikanta Das announced this after the three-day meeting of the Monetary Policy Committee (MPC). He said that this decision has been taken unanimously.
Shaktikanta Das told the press here on Friday that the MPC has decided to keep the main policy rate repo rate unchanged at 6.5 percent. There has also been no change in the GDP estimates. Taking into account all the factors, the real gross domestic product (GDP) growth rate for the current financial year 2023-24 is estimated to be 6.5 percent. The real GDP growth rate in the first quarter of the next financial year 2024-25 is estimated at 6.6 percent.
It is noteworthy that RBI had increased the policy rate repo rate 6 times consecutively between May 2022 and February 2023. The Reserve Bank had increased it from 4 percent to 4.90 percent in May 2022, now it is at 6.50 percent. It was last increased from 6.25 percent to 6.50 percent in February 2023. Earlier, the Reserve Bank had also decided to keep the interest rates stable in the MPC meetings held in April, June and August.
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