Recently the news has come on the internet that the Reserve Bank of India (RBI) has kept the repo unchanged at 6.5%, Governor Shaktikanta Das declared on 6 October 2023. Reserve Bank of India abbreviated as RBI, is India’s central bank and regulatory body reliable for the regulation of the Indian banking system. It is under the ownership of the Ministry of Finance, Government of India. It is responsible for controlling, issuing and keeping a supply of the Indian rupee. Now many people are very curious to know about the whole information about the news. Here we have more information about the news and we will share it with you in this article.
Das declared the central bank has also kept the status quo on the policy posture. This has been memorised at the escape of accommodation’ with 5 of 6 MPC members voting in acceptance of this. He also said “Monetary policy obsession remains to align inflation at 4 % target. The Sensex and Nifty remained favourable as the RBI MPC determination was declared. Indices earned around 0.3% in prematurely trading on Friday with most sectors gaining in today’s session. Scroll down to the next page for more information about the news.
As per the report, the majority of analysts had assessed that the RBI would keep its key repo rate unchanged at 6.5% at the decision of the MPC meeting, with only a few expecting a 25 basis points hike. D Street analysts also did not expect the RBI to change its stance from ‘withdrawal of accommodation’.However, the recent uptick in global crude oil costs makes it possible to keep the MPC’s focus on India’s inflation points in the forthcoming quarters. You are on the right page for more information about the news, so please read the complete article.
As far as we know, In August 2023 at the previous meeting, the RBI voted for a pause in rate hike remained with the 6.5% repo vote- which it has held since February. Earlier to that, the central bank had cumulatively hiked the repo rate by 250 bps beginning from an off-policy meeting in May 2022 and containing five subsequent meetings till February 2023. The RBI’s primary aim has been to bring inflation down but it also would not want to damage India’s economic development. Here we have shared all the information which we had if we get any information then we will update you soon. Stay tuned to us for more updates.