RBI Monetary Policy Meeting Highlights: RBI keeps interest rates unchanged

 The Monetary Policy Committee has on August 10 unanimously voted to leave the repo rate unchanged at 6.5 percent, RBI Governor Shaktikanta Das announced today. The Standing Deposit Facility rate is also retained at 6.25 percent; and the Marginal Standing Facility rate, Bank Rate is also retained at 6.75 percent. The MPC has also decided to remain focused on the withdrawal of accommodation with preparedness to act should the situation so warrant.The Reserve Bank of India's Monetary Policy Committee (MPC), has three members from the RBI and three external members. During the last MPC meeting in June, the repo rate was left unchanged. Today's decision marks the third time rates have been left unchanged. The central bank had earlier raised repo rates by a total of 250 bps since May 2022 with an aim to tackle inflation.

This is the third MPC meeting this fiscal. The MPC consists of three external members and three officials of the RBI. The external members of the panel are Shashanka Bhide, Ashima Goyal, and Jayanth R Varma. Besides Governor Shaktikanta Das, the other RBI officials in MPC are Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor).