The Reserve Bank of India (RBI) remained active in relieving middle-class citizens from debt burden. The repo rate (the rate at which the RBI lends short-term loans to commercial banks) has remained unchanged for nine consecutive times. That is, the repo rate remains at 6.5% as before.
There has also been no change in the reverse repo rate (the rate at which the RBI borrows money from various commercial banks). The decision was taken at the end of the three-day meeting of the 2nd-monthly meeting of the ‘Monetary Policy Committee’ (MPC) on Thursday, RBI Governor Shaktikanta Das told a press conference.
Talking about keeping the repo rate unchanged, Shaktikanta said, “This decision is part of the continuous steps taken by the central government to bring down the inflation rate to 4%.” Although inflation and growth rates are now stable, more steps are needed to control the rise in food prices. Shaktikanta said. Along with that, he said, “Foreign exchange reserves in India now set an all-time record of $675 billion on August 2.”
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