4th RBI Monetary Policy review: Repo rate raised by 50 bps

4th RBI Monetary Policy review: Repo rate raised by 50 bps

• The Reserve Bank of India has retained its retail inflation forecast for the current fiscal year at 6.7 per cent. It has increased the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate effect. RBI hiked the policy repo rate for the third time in a row. The Reserve Bank of India’s Monetary Policy Committee is headed by the Reserve Bank of India (RBI) Governor Shaktikanta Das. The next meeting of the rate-setting panel is scheduled for September 28-30, 2022.
• All members of the MPC – Dr ShashankaBhide, Dr AshimaGoyal, Prof. Jayanth R. Varma, Dr Rajiv Ranjan, Dr Michael DebabrataPatra and ShriShaktikanta Das – unanimously voted to increase the policy repo rate by 50 basis points to 5.40 per cent. All members voted to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth. Prof. Jayanth R. Varma expressed reservations about this part of the resolution.

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Published date : 05 Aug 2022 06:13PM