New Delhi. The Reserve Bank of India has kept the repo rate at 6.5 percent for the tenth consecutive time. The three-day meeting of the Monetary Policy Committee (MPC) started on Monday (October 7). Today Reserve Bank Governor Shaktikanta Das informed about the decisions taken in the meeting. Repo rate is the rate at which the Reserve Bank gives loans to other banks. When the repo rate increases, banks get loans from the Reserve Bank at expensive rates.
Let us tell you that from February 2023, the repo rate has been kept unchanged at 6.5 percent. The government has entrusted the RBI with the task of ensuring that retail inflation based on the Consumer Price Index (CPI) remains at 4 percent (up or down 2 percent). The policy rate has been kept unchanged with the aim of keeping inflation within the limits set by the Central Bank and accelerating economic growth.
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FIRST PUBLISHED: October 9, 2024, 10:05 IST