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  • RBI Keeps Repo Rate Unchanged at 6.5%: Key Takeaways from the Monetary Policy ...

RBI Keeps Repo Rate Unchanged at 6.5%: Key Takeaways from the Monetary Policy

RBI Keeps Repo Rate Unchanged at 6.5%: Shaktikanta Das who is the RBI governor announced that the decision was made at the meeting that was held every two months, he said that the decision was made with a majority of 4:2 by the MPC.

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  • - Aug 08, 2024 03:19 PM
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RBI Keeps Repo Rate Unchanged at 6.5%: Key Takeaways from the Monetary Policy
RBI Keeps Repo Rate Unchanged at 6.5%

RBI Keeps Repo Rate Unchanged at 6.5%: On Thursday, the Reserve Bank of India Monetary Policy Committee announced that it has kept the Repo rate unchanged at 6.5%.

This will mark the ninth consecutive time that the RBI has kept the repo rate unchanged.

Shaktikanta Das who is the RBI governor announced that the decision was made at the meeting that was held every two months, he said that the decision was made with a majority of 4:2 by the MPC. It was also decided to keep the withdrawal of accommodation stance.

Shaktikanta Das added, "We are seeing a good amount of convergence between market expectations and RBI policies, they are well aligned."

Also Read: Top Stocks to Watch on August 8: Godrej Consumer Products, Hindalco Industries, NHPC, Marico, Apollo Tyres, Welspun Corp, Radico Khaitan

Let’s take a look at the key takeaways from the RBI MP Meeting:

  • RBI keeps the repo rate unchanged at 6.5% for the ninth consecutive time.
  • RBI chooses to keep the withdrawal of the "accommodative monetary policy stance."
  • MPC also kept the CPI Inflation for the current fiscal year (FY25) unchanged at 4.5%.
  • MPC can't ignore persistently high food inflations as it could affect other prices and also can’t get too comfortable because core inflation has dropped significantly.
  • Retail inflation is expected at 4.5 % in FY25 considering an average normal monsoon.
  • The Overall trend of inflation is dropping and we expect this to continue dropping but at the same time also need to be careful.
  • The current account deficit is likely to stay at a sustainable level. However, FBI flows recorded an upward trend in FY25, where gross FDI was up by 20% in April-May.
  • The UPI tax payment limit has gone up from Rs 1 lakh to Rs 5 lakh.
  • MPC decided to take proper measures to reduce the time required for the clearance of cheques to a few hours.
  • On August 2, India's foreign exchange reserve reached a new record high of USD 675 billion.
  • The Indian banking system remains strong because of the strength of the stable macroeconomic.
  • Inflation and growth are developing in a healthy way but we need to be watchful of food prices part.

Also Read: Unacademy CEO Faces Backlash for No Salary Hikes Amidst $400 T-Shirt Controversy

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