Oct 6, 2023, 02:12 PM IST
The Reserve Bank of India (RBI) has maintained a status quo stance on the repo rate. The standing deposit facility (SDF) rate also remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the bank rate also remain steady at 6.75%.
Here are the 10 key highlights of the announcement.
The RBI kept the repo rate unchanged at 6.5%.
5 out of 6 members are in favour of withdrawing the accommodative stance.
The policy's focus is on bringing inflation to the target of 4%.
Global policy rates peaked but will remain high for a long time.
There is no change in the GDP estimate; the FY24 Consumer Price Index (CPI) estimate is stable at 5.4%.
The Q2 CPI estimate was raised to 6.4%, and the Q3 estimate was lowered to 5.6%.
Rural demand is improving, and some decline is expected in the September CPI.
Banks have not yet passed on the 2.5% cut in interest rates.
Improvement was seen in private capex, and the industrial and construction sectors.
The gold loan limit in the bullet repayment scheme has been increased from Rs 2 lakh to Rs 4 lakh.
Image: Reuters and others