Picture : Twitter / ANI
The Reserve Bank of India has kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance against the backdrop of an elevated level of inflation.
As per PTI report, This is the tenth time in a row that the Monetary Policy Committee headed by RBI Governor Shaktikanta Das has maintained the status quo.
RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
This is the first MPC meeting after the presentation of Budget 2022-23 in Parliament on February 1.
Consequently, the reverse repo rate will continue to earn 3.35 per cent interest for banks for their deposits kept with RBI.
Das said MPC voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.
RBI retained its growth projection at 9.2 per cent and inflation at 5.3 per cent for the current financial year.
