RBI MPC Keeps Repo Rate Unchanged At 6.5% For 8th Time, Stance Same At 'Withdrawal of Accommodation'

RBI MPC 2024: The Reserve Bank of India (RBI) on Friday maintained the benchmark interest rates at unchanged at 6.5 per cent by 4:2 majority, marking the eighth consecutive time the rates have remained unchanged. The last time the central bank hiked its interest rate was in February 2023. As per analysts, the monetary policy committee (MPC) would hold the current interest rate of 6.5 per cent due to the ongoing economic growth, which has been gaining momentum since February 2023.

SDF and MSF During his annoucement, RBI Governor Shaktikanta Das said, "The Monetary Policy Committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5 per cent per cent. Consequently, the standing deposit facility (SDF) rate remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate at 6.75 per cent."

GDP forecast Das said, "GDP growth that we are now projecting for the current financial year 2024-25 is 7.2 per cent with Q1 at 7.3 per cent , Q2 at 7.2 per cent , Q3 at 7.3 per cent , and Q4 at 7.2 per cent . The risks are evenly balanced."