RBI monetary policy: Interest rate unchanged at 4%, real GDP growth projected at 7.8%

Mangalore Today News Network

New Delhi, Feb 10, 2022: In its first monetary policy review after Union Budget 2022, the Reserve Bank of India (RBI) on Thursday announced that it is maintaining the status quo on the benchmark interest rate or repo rate at 4 per cent. It has projected the real gross domestic product (GDP) growth at 7.8 per cent for the financial year 2022-23.

 

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das announced the policy resolution today.

The MPC has maintained the policy stance as ’accommodative’ and did not tinker with the reverse-repo rate which remains unchanged at 3.35 per cent.

The RBI’s rate-setting panel began its three-day deliberations on Tuesday to decide monetary policy in the backdrop of Budget 2022-23, inflationary concerns and an evolving geo-political situation.

The meeting was to start on Monday but it was postponed by a day in view of Maharashtra declaring a public holiday on February 7 to mourn the death of legendary singer Lata Mangeshkar.

The last MPC held in December 2021 had kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance against the backdrop of concerns over the emergence of the new coronavirus variant Omicron.

Courtesy:India Today