In line with the broader market expectations, the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5 percent on August 8.
The MPC also kept the stance unchanged, staying focussed on 'withdrawal of accommodation'. The decisions were taken with a majority of 4:2 by the six-member rate-setting panel.
The other rates namely, standing deposit facility (SDF) rate also remained unchanged at 6.25 percent and marginal standing facility at 6.7 percent. The bank rate was also maintained at 6.7 percent. “There is a good amount of convergence in RBI policy and market expectation,” RBI Governor Shaktikanta Das said while delivering his MPC speech.
The governor also stressed that the base effect advantage may wear out from the December quarter of FY25, while asserting that ensuring price stability is very critical to ensure period of sustained growth. He also took cognizance to divergence in policy taken across the globe.
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