The RBI monetary policy committee (MPC) decided to keep the policy repo rate unchanged at 6.50 per cent and other policy rates were also kept unchanged. The next meeting of the MPC is scheduled during June 6-8, 2023.
“The monetary policy committee decided unanimously at 6.50 per cent with a readiness to act if the situation so warrants,” Das said. The RBI Governor also said that the withdrawal of accommodation and that the repo rate hike has been paused only for this meeting.
The decision to pause the repo rate is for this meeting only, Das emphasised. He said that the MPC would not hesitate to take further action as may be required in its future meetings.
Das said that the GDP is expected to jump 6.5 per cent in the current financial year.
Retail inflation is expected to moderate to 5.2 per cent in FY2023-24, he added.
The RBI governor said that the standing deposit facility (SDF) would remain unchanged at 6.25 per cent, and the marginal standing facility, i.e., the MSF rate, and the bank rate at 6.75 per cent.
Bimonthly RBI monetary policy: RBI Rates
- Policy Repo Rate: 6.50%
- Standing Deposit Facility (SDF): 6.25%
- Marginal Standing Facility Rate: 6.75%
- Bank Rate: 6.75%
- Fixed Reverse Repo Rate: 3.35%
- Cash Reserve Ratio (CRR): 4.50%
- Statutory Liquidity Ratio (SLR): 18.00%