RBI MPC Monetary Policy Review Announcement Live Updates: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Friday hiked the repo fee by 50 foundation factors (bps) to five.90 per cent with fast impact, RBI Governor Shaktikanta Das introduced.
This is the fourth fee hike by the central financial institution on this monetary 12 months. Prior to this, the RBI had raised the repo fee – by 40 bps in an off-cycle assembly in May and 50 bps in June and August. The market consultants anticipated the MPC to boost the repo fee by 50 foundation factors (bps) on this assembly to tame the raging inflation and a falling rupee which hit an all-time low earlier this week following a strengthening of the greenback.
The retail inflation or Consumer Price Index (CPI), which the RBI components in whereas contemplating its benchmark lending fee, stood at 7.00 per cent in August. Retail inflation has continued to stay above the central financial institution’s consolation stage of 6 per cent since January this 12 months.
The RBI governor additional introduced that the standing deposit facility (SDF) fee stands adjusted to five.65 per cent and the marginal standing facility (MSF) fee and the Bank Rate to six.15 per cent.
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