RBI Keeps Policy Repo Rate, Policy Stance Unchanged

8 Aug 2024 , 10:16 AM

The Reserve Bank of India’s Monetary Policy Committee today kept the policy repo rate and monetary policy stance unchanged at 6.50% and “withdrawal of accommodation”, respectively.

The committee voted 4 to 2 to keep the policy repo rate and policy stance unchanged.

With GDP growth holding up well, RBI Governor Shaktikanta Das said that the committee decided to stay focused on inflation while announcing the outcome of the Monetary Policy Committee meeting.

The six-member committee’s decision is in line with market expectations, though a section of the market was hoping that the committee would change the stance to “neutral”.

This is the ninth consecutive policy meeting where the committee has left the repo rate unchanged.

The standing deposit facility has been retained at 6.25% and the marginal standing facility at 6.75%.

This is likely to be the last meeting for the three external committee members – Ashima Goyal, Shashanka Bhide and Jayanth Varma – with their four-year term coming to an end before the next policy starts on Oct 7.