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RBI Monetary Policy: Repo rate hiked by 50 bps to 5.9%, inflation projection retained at 6.7%

RBI Monetary Policy Rates Changes: The Monetary Policy Committee (on 30th September 2022) decided unanimously to  withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth. In line with that-

  • There is an increase in the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.90 percent with immediate effect.
  • RBI hasn’t changed the retail inflation forecast for the current fiscal year which is 6.7%

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 % within a band of +/- 2% while supporting growth.

Monetary Policy Rates as on date 30th September 2022

Monetary Policy Rates as on 30th September 2022
CRR 4.50% (unchanged)
SLR 18%(unchanged)
Repo rate 5.90% 
Reverse repo rate 3.35%( unchanged)
Standing deposit facility (SDF) 5.65%
Marginal standing facility (MSF) 6.15%
Bank rate 6.15%

NOTE: Repo rate increase by 50 basis points to 5.90% 

Other Important points

  1. RBI has lowered the real gross domestic product (GDP) growth projection for FY23 to 7% from 7.2%. Q2FY23 . Growth for Q1FY24 has been revised to 7.2%
  2. The 28-day VRRR auction merged with a 14-day VRRR auction. VRRR stands for variable rate reverse repo (VRRR) auctions.

Current members of Monetary Policy Committee:

  1. Shaktikanta Das (Governor of RBI) 
  2. Dr. Michael Debabrata Patra (Deputy Governor of RBI),
  3. Dr. Rajiv Ranjan (Executive Director)
  4. Prof. Jayanth R. Varma (IIM Ahemdabad)
  5. Dr. Ashima Goyal  (Indira Gandhi Institute of Development Research, Mumbai)
  6. Dr. Shashanka Bhide senior advisor at the New Delhi-based think tank National Council for Applied Economic Research

RBI Monetary Policy: Repo rate hiked by 50 bps to 5.9%, inflation projection retained at 6.7%_50.1

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