RBI keeps repo rate unchanged at 6.5 percent
Reserve Bank of India Governor Shaktikanta Das presented the monetary policy review on Thursday. The Reserve Bank of India has not made any changes in the policy rates in the monetary policy review on Thursday. Reserve Bank of India Governor Shaktikanta Das has said that the GDP growth rate in the country may be 7 percent in the next financial year. Reserve Bank of India Governor has said that the repo rate is stable at 6.5 percent. The last time Reserve Bank of India increased the benchmark rates was in February 2023, at which time the repo rate was increased from 6.25 percent to 6.5 percent.
After the announcement of keeping the repo rate unchanged at 10:24 am, BSE Sensex was down by 73 points and was trading at the level of 72107 points, while Nifty was functioning at the level of 21916 points with a weakness of 14 points. Reserve Bank of India Governor Shaktikanta Das said that the inflation rate in the current financial year was at a high level of 7.4 percent in July 2023. Inflation rates still remain high. The Reserve Bank of India wants to keep the inflation rate in the range of 4 to 6 percent. RBI has not made any change in the interest rates in monetary policies, hence there will be no change in the rates of home loan, car loan, personal loan etc. for the general public.All of the 12 members of the bank’s Monetary Policy Committee had agreed to the proposal of not changing the repo rate. For the sixth consecutive time, the Reserve Bank of India has not made any change in the policy rates.
Repo rate is the rate at which RBI lends funds to banks. RBI believes that in the next financial year, the inflation rate may remain at five percent in the first quarter, four percent in the second quarter, 4.6 percent in the third quarter and 4.7 percent in the fourth quarter.
