Reserve Bank kept the repo rate at 6.50 percent for the seventh consecutive time. Loktej Business News
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Mumbai, 05 April (HS). The Reserve Bank of India (RBI) has not made any change in the repo rate in the first Monetary Policy Committee (MPC) review meeting for the financial year 2024-25. For the seventh consecutive time, RBI has kept the policy interest rate repo rate at 6.50 percent. Due to no change in repo rate, home loan will not become expensive and your EMI will also not increase.
RBI Governor Shaktikanta Das on Friday informed about the decision taken in the review meeting of MPC going on from April 3 here. Shaktikanta Das said that the Monetary Committee has decided with a majority of 5-1 to maintain the repo rate at 6.50 percent. Das said in the press conference that this decision has been taken in view of the stability in inflation rate and economic activities.
Shaktikanta Das said that the Central Bank has estimated the gross domestic product (GDP) growth rate to be seven percent for the financial year 2024-25. Also, retail inflation is estimated to be 4.5 percent in the current financial year 2024-25.
The Reserve Bank’s MPC has six members, including both external and RBI officials. IBI Governor Das is joined by reserve officer Rajeev Ranjan as the acting director, while Michael Debabrata Patra is the deputy governor. Whereas, Shashank Bhide, Ashima Goyal and Jayant R Verma are external members.
It is noteworthy that the Reserve Bank had increased the repo rate to 6.5 percent in February 2023. Before that, the policy rate repo rate was increased by 2.50 percent for six consecutive times from May 2022. The three-day MPC meeting of RBI started on April 3. This is the first monetary review meeting of the current financial year 2024-25, which is held every two months.
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