<p><strong>RBI keeps repo rate unchanged:&nbsp;</strong>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.&nbsp;</p>

<p>"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.&nbsp;</p>

<p>"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.&nbsp;</p>

<p>However, India's premier stock indices Sensex and Nifty dropped 0.5 per cent after the monetary policy announcement.&nbsp;</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | RBI Governor Shaktikanta Das says "Our economy has continued to grow at a reasonable pace becoming the 5th largest economy in the world, contributing around 15% to global growth" <a href="https://t.co/QKK2fJHsdu">pic.twitter.com/QKK2fJHsdu</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1689496411925360640?ref_src=twsrc%5Etfw">August 10, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>This was the third consecutive meeting where MPC - responsible for fixing the benchmark interest rate, maintained the status quo on the repo rate.&nbsp;Notably, it was in April that the central bank finally applied the brakes&nbsp;on&nbsp;rate hikes after announcing six hikes&nbsp;since May last year to a cumulative 250 basis points.&nbsp;</p>

<p>While announcing the bi-monthly monetary policy, Das said MPC will remain focussed on the withdrawal of&nbsp;accommodation.&nbsp;</p>

<p>Das, however, added that the global economy continues to face challenges.&nbsp;</p>

<p>"Global economy continues to face daunting challenges of inflation, geo-political uncertainty and extreme weather conditions," he added.&nbsp;</p>

<h2><strong>What is repo rate?</strong></h2>

<p>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.&nbsp;</p>

<p><br />
<em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


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.

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. #WATCH | RBI Governor Shaktikanta Das says "Our economy has continued to grow at a reasonable pace becoming the 5th largest economy in the world, contributing around 15% to global growth" pic.twitter.com/QKK2fJHsdu — ANI (@ANI) August 10, 2023 × 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 brakes on rate hikes after announcing six hikes since May last year to a cumulative 250 basis points. While announcing the bi-monthly monetary policy, Das said MPC will remain focussed on the withdrawal of accommodation. 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) WATCH WION LIVE HERE:

India: Reserve Bank of India keeps repo rate unchanged at 6.5%

<p>Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year.</p>

<p>The development stamped the earlier expectations by market experts saying that RBI’s Monetary Policy Committee will raise the repo rate by 35 bps to combat inflation that continues to stay above 6 per cent all this year.</p>

<p>Prior to this, the RBI had raised the repo rate by 40 basis points in May and 50 basis points in June, August and September.&nbsp;</p>

<p><strong>WATCH -&nbsp;<a href="https://www.wionews.com/videos/indias-gdp-growth-forecast-cut-to-7-inflation-interest-rates-to-hit-gdp-533275">India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP</a></strong></p>

<p>Commenting on India’s economic growth, Shaktikanta Das, Governor, Reserve Bank of India, said that country's economic growth is supported by rural, manufacturing and services sector. He said that the RBI’s GDP growth forecast for the current financial year (FY23) is seen at 6.8 per cent, down&nbsp;from RBI’s previous estimate of 7 per cent.</p>

<p><strong>WATCH -&nbsp;<a href="https://www.wionews.com/videos/gravitas-india-pushes-for-trade-in-rupee-532702">Gravitas: India pushes for trade in rupee</a></strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-india-pushes-for-trade-in-rupee-532702/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>Das added that the policy rate remains accommodative and noted that the core inflation is indicating stickiness. The medium term inflation outlook is exposed to global developments and weather, he said.</p>

<p>Addressing the fall in&nbsp;Indian rupee amid prevailing global situations, Das claimed that Rupee&nbsp;has appreciated by 3.2 per cent during April-October in real terms, while other major currencies have depreciated.</p>

<p>"Forex reserves stand at $561.2 billion as on December 2. The size of our forex reserves is comfortable and has increased," Shaktikanta Das said.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year.

Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year. The development stamped the earlier expectations by market experts saying that RBI’s Monetary Policy Committee will raise the repo rate by 35 bps to combat inflation that continues to stay above 6 per cent all this year. Prior to this, the RBI had raised the repo rate by 40 basis points in May and 50 basis points in June, August and September. WATCH - India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP Commenting on India’s economic growth, Shaktikanta Das, Governor, Reserve Bank of India, said that country's economic growth is supported by rural, manufacturing and services sector. He said that the RBI’s GDP growth forecast for the current financial year (FY23) is seen at 6.8 per cent, down from RBI’s previous estimate of 7 per cent. WATCH - Gravitas: India pushes for trade in rupee × Das added that the policy rate remains accommodative and noted that the core inflation is indicating stickiness. The medium term inflation outlook is exposed to global developments and weather, he said. Addressing the fall in Indian rupee amid prevailing global situations, Das claimed that Rupee has appreciated by 3.2 per cent during April-October in real terms, while other major currencies have depreciated. "Forex reserves stand at $561.2 billion as on December 2. The size of our forex reserves is comfortable and has increased," Shaktikanta Das said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's central bank hikes policy rate, GDP projected at 6.8 per cent in FY23

repo-rate-news

Repo Rate News, News on Repo Rate News, stories on Repo Rate News, articles on Repo Rate News, Repo Rate News stories at Wion, Repo Rate News news, Repo Rate News latest news

repo rate-news

India: Reserve Bank of India keeps repo rate unchanged at 6.5%

India's central bank hikes policy rate, GDP projected at 6.8 per cent in FY23