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Business News/ News / India/  RBI Policy: Key highlights from the latest MPC meeting

The RBI monetary policy committee (MPC) decided to keep the policy repo rate unchanged at 6.50 percent and other policy rates were also kept unchanged. Governor Shaktikanta Das said that the withdrawal of accommodation and that the repo rate hike has been paused only for this meeting.

“The GDP grew 7 percent in 2022-23, indicating the economic conditions were resilient," Governor Das said while addressing the RBI MPC meeting today. 

Here are key highlights from the policy meeting:

- With inflation continuing to remain sticky, the RBI on Thursday decided to keep the repo rate unchanged. The central bank has already increased the repo rate by a total of 250 bps since May 2022.

- RBI to remain focused on the withdrawal of monetary policy accommodation, says Governor Das.

- Policy decisions taken since May 2022 are still working through the system. Banking and non-banking financial system remains healthy, he said. 

- RBI marginally raises GDP growth projection for FY24 to 6.5 per cent from earlier estimate of 6.4 per cent.

- Governor Shaktikanta Das said that inflation for FY 2023-24 is projected at 5.2%. “Overall inflation is above the target and the current policy rate still remains accommodative."

- RBI to set up centralised portal to search across multiple banks for unclaimed deposits, Das said in the meeting. 

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Updated: 06 Apr 2023, 10:44 AM IST
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