Experts had already hoped that the RBI would avoid a cut in the repo rate in MPC. Repo rate means the interest rate on loans given by RBI to banks.
Mumbai| The Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) has maintained repo rate of 4%. RBI Governor Shaktikanta Das gave this information. There will also be a press conference on this today at 12 o’clock. The six-member MPC meeting began on Wednesday 3 February.
Experts had already hoped that the RBI would avoid a cut in the repo rate. Repo rate means the interest rate on loans given by RBI to banks. This is the first meeting of RBI after the budget 2021-22 presented on February 1. The Reserve Bank has cut the repo rate by a total of 115 basis points since February last year.
The MPC did not make any changes in the key policy rates in the last 3 meetings. Currently the repo rate is 4%, which is at a 15-year low. At the same time, the RBI has also maintained the reverse repo rate at 3.35%. At the same rate, banks deposit their funds with the Reserve Bank.
(More details awaited.)
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