Chennai: Reserve Bank of India’s Governor Shaktikanta Das today announced that the monetary policy committee has unanimously decided to keep the repo rate unchanged for the eighth consecutive time.
The MPC voted 5-1 to retain the accommodative stance as long as necessary to sustain growth on a durable basis, while ensuring that inflation remains within the target, said Shaktikanta Das. RBI retained FY22 GDP growth forecast at 9.5 per cent.
‘The RBI’s Monetary Policy Committee has decided to maintain the Repo Rate at 4 percent in the October policy. We also retain the ‘accommodative’ stance and will ensure that inflation remains within target range. The policy rate decision was unanimous, stance decision was 5:1,’ said Governor Das.
The six-member MPC, headed by governor Shaktikanta Das, met for three days from 6 October. Repo rate is the rate at which the RBI lends to banks, while reverse repo rate is at which it borrows from banks.