To boost economic growth, RBI has retained its previous lending rates by raising the inflation forecast to 5.7%, says RBI Governor Shaktikanta Das.
To boost economic growth, RBI has retained its previous lending rates by raising the inflation forecast to 5.7%, says RBI Governor Shaktikanta Das.
In its first meeting on Friday for the current fiscal year 2022-23, the Monetary Policy Committee (MPC) of the Reserve Bank of India, while moving forward its “accommodative” monetary policy stance amid rising inflation due to Russia, kept lending rates unchanged. Decided – Ukraine conflict.
In February this year, the benchmark lending rate or repo rate was retained at 4% just like in the last meeting. The prime lending rate or reverse repo rate was also left unchanged at 3.35%.
To overcome the pandemic, this was the 11th time in a row that the RBI decided to maintain the status quo.
Meanwhile, the MPC also voted to raise the inflation forecast for the current fiscal to 5.7%, as against 4.5% in the previous financial year.