RBI's Monetary Policy Committee Keeps Repo Rate Steady at 6.50%

The unanimous decision by the monetary policy committee was 6.50 percent, with a readiness to act if necessary.

Shaktikanta Das, governor of the RBI, stated that the central bank's policy stance is still centred on removal of accommodation. The pause in rate hikes is "for this meeting only",

Real Gross Domestic Product (GDP) growth for 2023-24 is projected at 6.5% with 1st Quarter (Q1) at 7.8%, Q2 at 6.2%, Q3 at 6.1% and Q4 at 5.9%.

Shaktikant Das Said  "A premature pause in monetary policy action would be a costly policy error".

Shaktikant Das said the repo rate has been kept unchanged on basis of macroeconomic and financial conditions.

The RBI had hiked Repo Rate six time in a row before it decided to pause.

According to Das, the rupee has moved steadily throughout FY23, and the RBI would continue to monitor the situation.

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