RBI Monetary Policy 2023 Highlights: Status Quo In Interest Rates For 5th Time; RBI Keeps Rate Unchanged At 6.5%

New Delhi: Reserve Bank of India (RBI) kept the repo rates unchanged. Announcing the outcome of the 6-member Monetary Policy Committee (MPC) meet, RBI Governor Shaktikanta Das on Friday said that the central bank has decided to keep the repo rates unchanged at 6.5 percent. The 3-day MPC meet of the RBI began on December 6. This is the fifth consecutive time of the ongoing fiscal when RBI maintained status quo in its key interest rates.

Consequently, the Standing Deposit Facility rate remains at 6.25% and the Marginal Standing Facility rate and the Bank Rate at 6.75%

RBI had in October announced the outcome of the MPC decision, keeping the repo rates unchanged at 6.5 percent. Announcing the MPC's decision Das said that the committee has unanimously decided to keep the repo rate unchanged.

A year is divided into six bimonthly reviews of the central bank's monetary policy. Additionally, there are out-of-cycle reviews, where the central bank holds extra sessions in urgent situations.

08 December 2023

15:41 IST

RBI Policy 2023 Live Updates: Indian Economy Poised For Stable Inflation 

SBI Chairman Dinesh Khara said, “The RBI policy announcement is a clear affirmation that the Indian economy is poised for a stable inflation and high growth regime with the possibility of growth breaching 7% for the 3rd successive year. The measures regarding liquidity will facilitate better fund management by banks. The enhancement of limits under UPI for education and healthcare will ensure that UPI truly emerges as a public good. Furthermore, moving towards a unified regulatory framework for connected lending and a regulatory framework for web-aggregation of loan products will ensure better pricing, transparency, and enhanced customer centricity”.

15:40 IST

RBI Monetary Policy Live Updates: Small Finance Banks To Benefit

Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “The RBI is keeping things steady with a 6.5% repo rate, aiming to control inflation and support economic growth. This is good news for Small Finance Banks, as it provides a stable environment. With a close eye on inflation, expected to be around 5.4%, Small Finance Banks can benefit from a predictable and supportive monetary policy, helping them navigate and grow smoothly."