RBI Governor Shaktikanta Das announced that the six-member Monetary Policy Committee has decided to keep the repo rate unchanged by a 4:2 majority.
The Reserve Bank of India (RBI) has kept its key lending rate unchanged for the 11th consecutive time citing high inflation, and lowered the growth target for the current financial year.
The six-member Monetary Policy Committee decided to hold the repo rate at 6.5 per cent by a 4:2 majority, RBI Governor Shaktikanta Das announced this morning. An unchanged repo rate means the loan interest rates too are likely to remain unchanged.
This came as a disappointment for investors who have been looking for a rate cut after a sharp slowdown in the July-September quarter. The RBI had paused the rate increase cycle in April 2023, after six straight rate hikes of 250 basis points since May 2022.
The MPC, which meets every two months, lowered the growth target for this fiscal year to 6.6% from 7.3% in the July-September quarter.
