RBI Governor has announced to increase in the repo rate after the MPC meeting which lasted for three days. RBI has announced a 0.35% increase in the repo rate. Now the repo rate of RBI has increased from 5.4% to 6.25%. RBI has decided to increase it for the fifth consecutive time. The central bank started it in May 2022 with the announcement of increasing the repo rate by 40 basis points. After that, the repo rate was increased by 50-50 points in June, August, and September. In the MPC meeting held in May also, the repo rate was increased by 50 basis points to 4.90%.
While announcing the repo rate hike, the RBI governor also said that inflation is likely to remain above 4 percent for the next four months. Five out of six members of the MPC have supported the decision to increase the repo rate. Announcing the repo rate, the RBI governor has also said that rural demand is showing improvement in the country. Consumer confidence has also improved. The RBI governor has said that the GDP growth in the financial year 2023 could be 6.8%. The RBI governor has also said that the CPI may remain at 5% in the first quarter of the financial year 2024.
The Reserve Bank has opted for a 35 bps increase in the repo rate in its upcoming monetary policy review on Wednesday amid signs of moderation in retail inflation and the need to prop up growth, according to experts. Explain that the Reserve Bank of India (RBI) presented its next bi-monthly policy on December 7 (Wednesday) after the three-day meeting of the Monetary Policy Committee (MPC) which began on Monday.
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