Repo rate remains unchanged at 6.5 percent
by Sudeshna Panda · KalingaTVThe Reserve Bank of India (RBI) governor Shaktikanta Das announced that the Monetary Policy Commitee (MPC) decided to keep the policy repo rate unchanged at 6.5% for a ninth consecutive meeting.
Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%, says RBI Governor Shaktikanta Das.
The repo rate is the interest rate at which the RBI gives short-term loans to banks to enable them to meet their liquidity requirements.
According to reports, Shaktikanta Das on August 28 said that based on the encouraging response received from several jurisdictions, the apex bank is now focusing on making “UPI and RuPay truly global”.
“The deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top of our agenda,” Das said in his address at the Global Fintech Fest
The Reserve Bank of India (RBI) governor Shaktikanta Das announced that the Monetary Policy Commitee (MPC) decided to keep the policy repo rate unchanged at 6.5% for a ninth consecutive meeting held on August 8, 2024.
Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%, says RBI Governor Shaktikanta Das.
The RBI on Thursday kept the key policy repo rate unchanged at 6.5 per cent as it continued to maintain a balance between accelerating economic growth and keeping inflation under control.
RBI Governor Shaktikanta Das said the Monetary Policy Committee has decided by a 4:2 majority to keep the repo rate unchanged as inflation has risen above 5 per cent and is still above the targeted level of 4 per cent.
The Reserve Bank of India (RBI)’s fourth bi-monthly policy for FY25 is awaited.