RBI keeps Repo Rate unchanged at 4.0 percent; GDP growth for 2022-23- 7.8 percent.
Reserve Bank of India conducted the 6th and the last Monetary Policy Committee (MPC) meeting for 2021-22 between February 8-10, 2022. Reserve Bank of India has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 percent. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
Various rates are as under:
- Policy Repo Rate : 4.00%
- Reverse Repo Rate : 3.35%
- Marginal Standing Facility Rate : 4.25%
- Bank Rate : 4.25%
- CRR : 4.00%
- SLR : 18.00%
The MPC decided to continue with the accommodative stance. RBI has projected the real GDP growth for 2022-23 at 7.8 per cent. For the current fiscal year, RBI projected real GDP growth of 9.2 per cent and expects that it will take the economy above the pre-pandemic level. For the current fiscal year, RBI retained its retail inflation projection at 5.3 per cent.