MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent: RBI Governor Shaktikanta Das

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RBI’s monetary policy committee increases Repo Rate by 50 bps to 4.90 per cent

New Delhi: Amid rising inflation concerns in the economy, today the Monetary Policy Meeting voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent, said RBI Governor Shaktikanta Das. TOP POINTS # With the assumption of a normal monsoon, in 2022 and average crude oil price in the Indian basket […]

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June 8, 2022 10:10 IST
RBI’s monetary policy committee increases Repo Rate by 50 bps to 4.90 per cent
RBI’s monetary policy committee increases Repo Rate by 50 bps to 4.90 per cent

New Delhi: Amid rising inflation concerns in the economy, today the Monetary Policy Meeting voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent, said RBI Governor Shaktikanta Das.

TOP POINTS

# With the assumption of a normal monsoon, in 2022 and average crude oil price in the Indian basket of 105 dollars per barrel, inflation is now projected at 6.7% in 2022-23: RBI Governor Shaktikanta Das

# According to the provisional estimates released by the National Statistical Office on May 31st, India’s GDP growth ins 2021-22 is estimated at 8.7%. This level of real GDP in 2021-22 has exceeded the pre-pandemic, i.e., 2019-20 level: RBI Governor Shaktikanta Das

# Consequently, the standing deposit facility – the SDF rate – stands adjusted to 4.65% and the marginal standing facility – MSF rate and bank rate – to 5.15%, he said.

# MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent, said RBI Governor Shaktikanta Das.

This is a developing story.

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