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Repo rate remained unchanged at 4%
February 10, 2022
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the repo rate unchanged at 4% for the 10th consecutive time while maintaining an ‘accommodative stance’ as long as necessary, RBI Governor Shaktikanta Das reported on Thursday.
The central bank governor said that the MPC had voted unanimously consistently 5:1 to keep up with the accommodative stance and added that the reverse repo rate also was kept unchanged at 3.35 percent.
The Marginal Standing Facility (MSF) rate and bank rate likewise stayed unchanged at 4.25 percent.
The central bank had last revised its policy repo rate or the short-term lending rate on May 22, 2020, in an off-policy cycle to perk up demand by slashing the interest rate to a historic low.
During the speech on the RBI’s key decisions, Das said that India is graphing a different course of recuperation from the rest of the world and the nation is ready to develop at the fastest pace year-on-year among major economies according to projections by IMF. This recuperation is upheld by large-scale vaccination and sustained fiscal and monetary support.
Speaking on the GDP, Das said that the real GDP growth is projected at 7.8 percent for the following financial year 2022-23 (FY23). The RBI governor said that genuine GDP growth of 9.2 percent in the current fiscal (FY22) will take the economy above the pre-pandemic level.
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