New Delhi, Dec 08: The Reserve Bank of India on Friday informed that they have decided to keep the policy rate unchanged at 6.5 per cent for the fifth time in a row, citing a vigilant stance on inflation.
The rate increase cycle was halted in April, marking a pause after six consecutive rate hikes, accumulating to 250 basis points since May 2022.
In the announcement of the bi-monthly monetary policy, RBI Governor Shaktikanta Das stated that the Monetary Policy Committee (MPC) has unanimously decided to maintain the repo rate at 6.5 percent.
— ReserveBankOfIndia (@RBI) December 8, 2023
He mentioned that the MPC will continue to actively pursue disinflationary measures. Additionally, he stated that the growth projection for the current financial year has been revised upward to 7 percent from the previous estimate of 6.5 percent.
The central bank has forecasted Consumer Price Index (CPI)-based retail inflation to be at 5.4 percent for the current fiscal year.
The MPC meeting occurred amid a context where inflation had receded to 4.87 percent in October. The inflation figures for November are anticipated to be released next week.
Also, the government has mandated the RBI to keep CPI inflation at 4 per cent with a margin of 2 per cent on either side.
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