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Reserve Bank of India Governor Shaktikanta Das has announced that the policy repo rate will remain unchanged at 6.5 per cent. The Standing Deposit Facility (SDF) will also stay at 6.25 per cent, while the Marginal Standing Facility (MSF) and Bank rates will be maintained at 6.75 per cent.
The Indian economy and financial sector demonstrate strength and resilience, which is a cause for satisfaction. The level of uncertainty has decreased, and the path forward is clearer.
Governor Das noted that central banks worldwide are vigilant and on high alert. There are ongoing concerns about financial stability in advanced economies.
The RBI has continued its commitment to maintaining price stability and preserving overall financial stability.
The Indian banking system is stable and resilient, and efforts towards fiscal consolidation are ongoing.
The domestic financial markets have shown orderly development and operation.
The RBI emphasises the importance of remaining focused on the gradual withdrawal of accommodation measures.
The majority of the members (5 out of 6) of the Monetary Policy Committee (MPC) are aligned with the goal of withdrawing accommodation measures.
The MPC acknowledges that the pace of economic activity is expected to slow down in 2023.
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