RBI keep key policy rates unchanged; Projects FY24 GDP at 6.5%
- The Reserve Bank of India (RBI), monetary policy committee (MPC) held its bi-monthly monetary policy meeting on April 3, 5 and 6, 2023.
- The MPC has decided to keep the policy repo rate unchanged at 6.50 percent. Other policy rates have also been also kept unchanged.
- Key Rates are given below
|Policy Repo Rate||: 6.50%|
|Standing Deposit Facility Rate||: 6.25%|
|Marginal Standing Facility Rate||: 6.75%|
|Bank Rate||: 6.75%|
|Fixed Reverse Repo Rate||: 3.35%|
- The MPC has also decided to continue with accommodative stance.
- RBI has projected the GDP growth rate for FY24 to 6.5 percent compared to 6.4 percent estimated in February 2023.
- The inflation forecast for FY24 has been lowered to 5.2% from 5.3%
- RBI has also decided to develop a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks.