The RBI is mandated to keep the CPI inflation rate at 4 percent with flexibility of 2 percent up or down. (Photo: Reuters)
Reserve Bank of India Governor Shaktikanta Das says the global economy is witnessing a new phase of turbulence with fresh headwinds from banking sector turmoil in advanced economies.
The RBI MPC on Thursday unanimously decided to keep the repo rate unchanged at 6.50 per cent. The pause comes after six consecutive rate hikes since May 2022, and since then the RBI has hiked the repo rate by 250 bps.
Presenting the first bi-monthly monetary policy statement of FY24, RBI Governor Shaktikanta Das on Thursday said, “The global economy is witnessing a new phase of turbulence fueled by renewed banking sector turmoil in advanced economies.”
The SDF will remain unchanged at 6.25 per cent, and the MSF and the Bank rates at 6.75 per cent. The SDF is the lower band of the interest rate corridor, while the MSF is the upper band.
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