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The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5% for the ninth consecutive time amid concerns over rising food inflation. The MPC also maintained its monetary policy stance of withdrawing accommodation.
Announcing the decision, RBI Governor Shaktikanda Das noted that inflation has been on a declining trajectory overall. The last repo rate cut was in May 2020 when the RBI reduced it by 40 basis points to 4% during the Covid-19 pandemic to counter the economic slowdown, production cuts, and job losses.
Since then, the RBI has increased the repo rate by 250 basis points to the current 6.5% to manage high inflation levels post-pandemic.
With the RBI maintaining the repo rate at 6.5%, external benchmark lending rates (EBLR) linked to the repo rate will remain steady, providing relief to borrowers as their equated monthly installments (EMIs) will not increase.
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