RBI Governor Shaktikanta Das on Repo Rate: Key Takeaways
The Reserve Bank of India (RBI) has announced its second bi-monthly monetary review of the current financial year, keeping the key policy rate repo unchanged at 6.5 per cent. Here are the key takeaways from the announcement:
Economic Growth Rate Forecast: The central bank has retained its economic growth rate forecast for the current financial year at 6.5 percent.
Inflation Forecast: The inflation forecast for the current financial year 2023-24 has been reduced from 5.2 percent to 5.1 percent.
RBI Governor’s Statement: RBI Governor Shaktikanta Das said that despite global uncertainties, the Indian economy and financial sector remain strong and resilient. He added that the Monetary Policy Committee will focus on withdrawing its liberal stance.
What is Repo Rate? Repo is the interest rate at which commercial banks borrow from the central bank to meet their immediate needs. The repo rate has been unchanged since the last monetary review meeting of April.
RBI’s Efforts to Control Inflation: The repo rate was increased by 2.50 per cent six times since May last year mainly to bring inflation under control.
Overall, the RBI’s decision to keep the repo rate unchanged is expected to provide a much-needed boost to the economy and help control inflation. Despite global uncertainties, the Indian economy and financial sector remain strong and resilient, and the central bank’s efforts to curb inflation are expected to pay off in the long run.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
