RBI keeps repo rate unchanged at 6.50%: Shaktikanta Das

-GDP growth is estimated to be seven percent in the financial year 2023-24

MUMBAI:The Reserve Bank of India (RBI) has not made any changes in the interest rates. Also, by maintaining the main policy repo rate at 6.50 percent for the fifth consecutive time, the gross domestic product (GDP) growth in the current financial year 2023-24 is estimated to be seven percent.

RBI Governor Shaktikanta Das said in a press conference here on Friday that the Monetary Policy Committee (MPC) has unanimously kept the repo rate at 6.50 percent without making any change in the interest rates. Das said that as a result, the standing deposit facility rate remains at 6.25 percent and the marginal standing facility rate and bank rate remains at 6.75 percent.

Shaktikanta Das said that the Indian economy continues to grow due to domestic demand. GDP growth in the current financial year is estimated to be seven percent. It will be 6.5 percent in the third quarter and 6 percent in the fourth quarter. The real GDP growth rate for the first quarter of the financial year 2024-25 is estimated at 6.7 percent, for the second quarter at 6.5 percent and for the third quarter at 6.4 percent.

It is noteworthy that for the fifth consecutive time, the Reserve Bank has kept the policy interest rate repo rate unchanged at 6.50 percent. The last time RBI increased the repo rate to 6.50 percent in February 2023, there has been no change in it since then. Repo rate is the interest rate at which RBI gives loans to other banks.

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