RBI Monetary Policy Live Updates: Projected GDP growth for FY24 unchanged at 6.5%

RBI Monetary Policy Live Updates: Reserve Bank of India (RBI) governor Shaktikanta Das on Friday unveiled decisions taken at the central bank’s latest 3-day Monetary Policy Committee (MPC) meet, which began on Wednesday.

At the previous meet, in August, the MPC decided to retain the policy repo rate at 6.50%. In fact, in its previous three policies, including the one in August, the panel maintained status quo on interest rates. It is widely expected that the repo rate will be left unchanged this time as well.

Since May last year, the repo rate has seen an increase of 250 basis points (bps).

RBI Monetary Policy Live Updates: GDP growth forecasts unchanged

Q1 FY24: 6.5%

Q2 FY24: 6.5%

Q3 FY24: 6%

Q4 FY24: 5.7%

RBI Monetary Policy Live Updates: CPI inflation projections announced

RBI projects 5.4% (unchanged) CPI inflation for Q1 FY 2023-24, 6.4% for Q2, 5.6% for Q3, and 5.2% for Q4.

For Q1 2024-25, meanwhile, CPI inflation projected at 5.2%.

2023 10:09 AM IST

RBI Monetary Policy Live Updates: MPC retains repo rate at 6.50%

The central bank’s MPC decided ‘unanimously’ to keep the policy repo rate unchanged at 6.50%, announces RBI governor Shaktikanta Das.

“After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI’s Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5%,” says Das.

09:36 AM IST

RBI Monetary Policy Live Updates: Current rates

Repo rate: 6.50%

Standing deposit facility rate: 6.25%

Marginal standing facility rate: 6.75%

Bank rate: 6.75%

Fixed reverse repo rate: 3.35%

09:24 AM IST

RBI Monetary Policy Live Updates: Status quo expected on repo rate

It is widely expected that the MPC will maintain status quo on the repo rate, keeping it at 6.50%. In its previous three policy meets, including the most recent one in August, the panel decided to keep the rate unchanged.

09:03 AM IST

RBI Monetary Policy Live Updates: MPC decisions to be announced today

At 10, RBI governor Shaktikanta Das will unveil decisions taken at the central bank’s latest Monetary Policy Committee meet, being held since Wednesday. The repo rate, left unchanged at 6.50% at the previous August meet, is expected to remain unchanged this time as well.