HomeBusinessRBI hikes repo rate by 50 basis points

RBI hikes repo rate by 50 basis points

This was announced by the Monetary Policy Committee (MPC) of RBI.

This was announced by the Monetary Policy Committee (MPC) of RBI.

In monetary policy announcements, the Reserve Bank of India announced an increase in the repo rate by 50 basis points to 5.9 per cent on September 30, 2022.

This was announced by the Monetary Policy Committee (MPC) of RBI.

This is the fourth consecutive rate hike. after a Ma. 40 basis point increase iny and increase by 50 basis points each june And ogusTea. Overall, the RBI has increased the benchmark rate by 1.90% since May this year.

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das decided in favor of the rate hike.

The RBI said the monetary policy stance would remain focused on the return of housing and added that economic activity in India remained stable.

RBI Governor Shaktikanta Das said, “GDP growth for FY23 is estimated at 7%. Inflation forecast for FY23 remains unchanged at 6.7%. ,

“The world is in the midst of a third major shock by aggressive monetary tightening by central banks,” Mr Das said.

“There is panic in the financial markets, the global economy in the eye of a new storm,” Mr Das said.

The RBI governor also said, “If the recent correction in global crude oil prices persists, inflation may get some relief.”

“The devaluation of the rupee has happened in a very systematic manner,” Mr. Das said. He further said that “RBI has no fixed exchange rate in mind.”

“Bank credit has grown at a faster rate of 16.2 per cent,” the RBI governor said.

(with PTI input)

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