RBI hits pause for 3rd time
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday unveiled the bi-monthly monetary policy for the financial year 2024. The central bank maintained the status quo and kept the repo rate steady at 6.5%. The announcement came after the RBI's six member Monetary Policy Committee (MPC) held a meeting from August 8 to 10. This is the third consecutive policy meeting.
Amid improving macroeconomic conditions, RBI has so far maintained status quo on the interest rates. Since May 2022, the central bank raised the repo rate by 250 basis points.
The RBI's monetary policy holds significance against the backdrop of the evolving economic landscape, both domestically and globally. It has crucial impact on India's economic recovery, inflation dynamics, and overall financial stability.