RBI Monetary Policy Rates Changes: The Monetary Policy Committee (on 4th May 2022) decided unanimously to remain accommodative while focusing on 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 40 basis points to 4.40 percent with immediate effect.
- The standing deposit facility (SDF) rate stands adjusted to 4.15 percent and the marginal standing facility (MSF) rate and the Bank Rate to 4.65 percent.
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 5th May 2022
|Monetary Policy Rates as on 5th May 2022|
|CRR||4.50% (0.50% increase)|
|Repo rate||4.40% (0.40% increase)|
|Reverse repo rate||3.35%|
|Standing deposit facility (SDF)||4.15%|
|Marginal standing facility (MSF)||4.65%|
NOTE: CRR increase by 50 basis points means a 0.5 % increase similarly Repo rate increase by 40 basis points means a 0.4 % increase.
Current members of Monetary Policy Committee:
- Shaktikanta Das (Governor of RBI)
- Dr. Michael Debabrata Patra (Deputy Governor of RBI),
- Dr. Mridul K. Saggar (Executive Director of RBI)
- Prof. Jayanth R. Varma (IIM Ahemdabad)
- Dr. Ashima Goyal (Indira Gandhi Institute of Development Research, Mumbai)
- Dr. Shashanka Bhide senior advisor at the New Delhi-based think tank National Council for Applied Economic Research
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