RBI MPC keeps repo rate unchanged at 6.5%; focus remains on withdrawal of accommodation; check details
By Team Newsable | First Published Aug 10, 2023, 10:17 AM ISTGovernor Das conveyed that the MPC resolved to uphold the current policy stance of 'Withdrawal of Accommodation,' with a majority of 5 out of 6 MPC members lending their support to this stance.
The Governor of the Reserve Bank of India (RBI), Shaktikanta Das on Thursday (August 10) revealed the outcomes of the third bi-monthly monetary policy for the fiscal year 2024. Spanning from August 8 to 10, the Monetary Policy Committee (MPC), comprising six members, convened over the course of three days for discussions.
Governor Das conveyed that the MPC resolved to uphold the current policy stance of 'Withdrawal of Accommodation,' with a majority of 5 out of 6 MPC members lending their support to this stance. Furthermore, the RBI has chosen to maintain the repo rate at 6.5%, an announcement made today. Notably, the central bank has incrementally elevated the repo rate by 250 basis points (bps) since the onset of May 2022. To stay well-informed, follow our live blog on the RBI Policy for the latest updates.
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Addressing a press conference, Governor Das said, "India's strong macroeconomic fundamentals have led to strong growth. India is contributing approx 15% to global growth."
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"RBI MPC remains resolute in its commitment to align inflation with the 4% target and anchor inflation expectations. The cumulative rate hike of 250 bps from FY23 is working its way through the economy," Das further said.
Here's all the latest updates announced by the RBI Governor:
GDP growth projection for FY23-24 retained at 6.5%
- GDP forecast for FY24 is at 6.5%
- GDP forecast for Q1FY24 at 8%
- GDP forecast for Q2FY24 at 6.5%
- GDP forecast for Q3FY24 at 6%
- GDP forecast for Q4FY24 at 5.7%
April-June 2024 GDP growth seen at 6.6%
RBI Governor Shaktikanta Das has projected the GDP growth for the period of April-June 2024 to be at 6.6%.
Consumer Price Index (CPI) inflation forecast for FY24 raised to 5.4% from 5.1%
- CPI inflation forecast for Q2FY24 raised to 6.2% from 5.2%
- CPI inflation forecast for Q3FY24 raised to 5.7% from 5.4%
- CPI inflation forecast for Q4FY24 retained at 5.2%
Requirement for banks to uphold 10% incremental Cash Reserve Ratio (CRR):
RBI Governor Shaktikanta Das has announced that banks are mandated to sustain an incremental Cash Reserve Ratio (CRR) of 10% on the rise in their Net Demand and Time Liabilities (NDTL) from May 19 to July 28, commencing from the fortnight beginning on August 12.
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