India

RBI Revises Repo Rate For 3rd Time In 2022-23 Financial Year

By
OB Bureau

Bhubaneswar: The Reserve Bank of India (RBI) on Friday increased the repo rate by 50 basis points (BSP) to 5.4 per cent with immediate effect.

The Monetary Policy Committee (MPC), which resets the repo rate, held a meeting for three days from August 3 to deliberate on the prevailing economic situation.
Following the decision of the MPC, RBI Governor Shaktikanta Das announced the revision. “MPC decided to focus on withdrawal of accommodation to keep inflation within target while supporting growth,” India Today quoted him as saying.

The MPC decided that the Standing Deposit Facility (SDF) rate stands adjusted to 5.15 per cent and the Marginal Standing Facility (MSF) rate and bank rate at 5.65 per cent.

The real GDP growth projection for 2022-23 is retained at 7.2 per cent. The GDP growth is projected at 16.2% in first quarter, 6.2% in second, 4.1% in third and 4% in the last quarter. The real GDP growth for Q1 2023-24 is projected at 6.7%, Das said.

This is RBI’s third repo rate hike in the current financial year. In its off-cycle monetary policy review in May, the central bank had hiked the policy repo rate by 40 basis points or 0.40 per cent to 4.40 per cent. In June, the RBI further raised the rate to 4.90 per cent, a 50 basis points increase.

The latest revision of BSP crossed the pre-pandemic level of 5.15%.

OB Bureau

Recent Posts

Heavy Rain, Hail & Gusty Wind To Bring Down Temp By 5-6°C In Odisha In 3 days

Bhubaneswar: With thunderstorm activity accompanied by rain and gusty wind continuing in Odisha, the day…

May 7, 2024

Odisha Elections: BJD Accuses BJP Of Distributing Cash In Rourkela, Seeks Immediate Action By CEO

Bhubaneswar: Biju Janata Dal (BJD) on Tuesday moved Odisha's Chief Electoral Officer (CEO) alleging that…

May 7, 2024

Odisha Elections: Wife To Lock Horn With BJD’s Rudra Maharathy As Independent In Pipili Assembly Seat

Bhubaneswar: In a surprise move, BJD nominee for Pipili Assembly seat Rudra Maharathy’s wife Jagruti…

May 7, 2024

BJP Omits Aparajita, Sambit & Chhattisgarh CM From Star Campaigners List For Odisha Polls, Includes Hema Malini

Bhubaneswar: The BJP on Tuesday released a revised list of its 40 star campaigners for…

May 7, 2024

Odisha FC To Represent India In AFC Women’s Champions League

It’s official now! Odisha FC will represent India in the inaugural edition of the AFC…

May 7, 2024

2-Year Jail Term For Congress Block Unit Chief In Odisha

Jagatsinghpur: President of the Congress block unit Manas Kumar Rath has been sentenced to two…

May 7, 2024

Odisha Elections: Baijayant Targets Naveen Patnaik & Pandian; Says 2 People In Helicopter Cannot Form Govt

Bhubaneswar: As Prime Minister Narendra Modi’s claim about BJD’s defeat in upcoming polls sparked a…

May 7, 2024

Couple Hoodwink Garment Shop Salesman, Loot Cash In ‘Bunty-Babli’ Style In Odisha Capital

Bhubaneswar: A masked-up couple recently looted Rs 10,900 from cash counter of a garment shop…

May 7, 2024