The Reserve Bank of India today decided to keep the policy repo rate unchanged at 6.50 per cent for the ninth time in a row. Consequently, the standing deposit facility (SDF) rate remains at 6.25 percent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The Monetary Policy Committee, MPC, also decided by a majority of 4 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of plus or minus two percent, while supporting growth.
The MPC met on 6th, 7th and 8th August. The next meeting is scheduled for October 7 to 9, 2024.
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