93. Repo rate hiked by 25 basis points to 6.5% for 2023-24, announced RBI Governor

Repo rate hiked by 25 basis points to 6.5% for 2023-24, announced RBI Governor. Reserve Bank of India (RBI) Governor Shaktikanta Das on 08 Feb 2023 announced Repo rate hike by 25 basis points to 6.5% for 2023-24. The RBI Governor released the Monetary Policy statement. In his policy speech, the RBI Governor stated that a rate increase of 25 basis points is necessary at this time in order for the monetary system to remain flexible and aware of inflation. In December 2022, the repo rate was increased by 0.35 percentage points to 6.25%. The 3.35% reverse repo rate remained unchanged. Marginal Standing Facility rate: The marginal standing facility rate and the bank rate will remain unchanged at 6.75% and 6.25%, respectively. By a vote of 4 out of 6 members, the MPC also resolved to continue concentrating on the withdrawal of accommodation in order to maintain target inflation going forward while promoting growth.