RBI MPC Meeting: Once again, people who were hopeful for a reduction in interest rates have been disappointed. In fact, the Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep the repo rate, i.e., the policy interest rate, unchanged, meaning the repo rate remains at 6.50%. This information was shared by the Reserve Bank Governor Shaktikanta Das on Friday.
During this period, Governor Shaktikanta Das stated, “MPC has decided to keep the repo rate stable, taking into account the broad economic conditions.” He further informed that out of the 6 members of the MPC, 5 decided not to change the repo rate.
Repo Rate Level
Following a three-day meeting of the Monetary Policy Committee, Reserve Bank Governor Shaktikanta Das shared the results today. During the meeting, he announced that the MPC has decided to keep the policy repo rate stable at 6.50%.
This is the seventh consecutive meeting of the RBI MPC where no changes have been made to the policy interest rate. Previously, the Reserve Bank’s MPC had changed the policy interest rate 14 months ago, in February 2023. It’s worth noting that during that time, the RBI had increased the repo rate to 6.50%.
This was the first meeting of the financial year 2024-25
It is worth mentioning that the RBI’s Monetary Policy Committee meeting commenced on April 3rd and concluded today, Friday. It should be noted that the RBI’s Monetary Policy Committee holds a total of six meetings at two-month intervals every financial year. Thus, the meeting that started on April 1st, 2024, marked the first MPC meeting of the financial year 2024-25.