RBI keeps lending rates unchanged, raises inflation forecast
The Hindu
Choosing to propel economic growth, the RBI has retained its previous lending rates while increasing the inflation forecast to 5.7%, says RBI Governor Shaktikanta Das.
In its first meeting for the current fiscal year 2022-23 on Friday, the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep lending rates unchanged, carrying forward its “accommodative” monetary policy stance amid spiking inflation owing to the Russia-Ukraine conflict.
The benchmark lending rate or repo rate was retained at 4%, same as the last meeting in February this year. The key borrowing rate or reverse repo rate was also left unchanged at 3.35%.
In a bid to fuel pandemic recovery, this was the 11th consecutive time that the RBI has decided to maintain the status quo.
Meanwhile, the MPC also voted to increase the inflation forecast to 5.7% for the current fiscal, as compared to 4.5% in the fiscal year that went by.
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