India: Reserve Bank of India keeps repo rate unchanged at 6.5%
Reserve Bank of India
RBI keeps repo rate unchanged:On Thursday (August 10), India's central bank, the Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 6.50 per cent, Governor Shaktikanta Das announced presiding at the Monetary Policy Committee (MPC) meeting.
"Monetary Policy Committee decided unanimously to keep the Repo Rate unchanged at 6.50 per cent," said Das, adding that the Indian economy had made significant progress towards controlling inflation.
"Our economy has continued to grow at a reasonable pace becoming the 5th largest economy in the world, contributing around 15% to global growth," said Das.
However, India's premier stock indices Sensex and Nifty dropped 0.5 per cent after the monetary policy announcement.
This was the third consecutive meeting where MPC - responsible for fixing the benchmark interest rate, maintained the status quo on the repo rate.Notably, it was in April that the central bank finally applied the brakesonrate hikes after announcing six hikessince May last year to a cumulative 250 basis points.
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While announcing the bi-monthly monetary policy, Das said MPC will remain focussed on the withdrawal ofaccommodation.
Das, however, added that the global economy continues to face challenges.
"Global economy continues to face daunting challenges of inflation, geo-political uncertainty and extreme weather conditions," he added.
What is repo rate?
When commercial banks loan by selling their securities to the central bank, the RBI charges them an interest rate. This interest rate is called the repo rate in the monetary policy. Lower interest rates make it easier for individuals and businesses to borrow money to invest in new economic activities.
(With inputs from agencies)
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