Business Standard

RBI raises repo rate by 50 bps to 3-year high; FY23 GDP forecast cut to 7%

Inflation target retained at 6.7%; trajectory remains uncertain: Governor

RBI Governor Shaktikanta Das
Premium

RBI Governor Shaktikanta Das (Photo: Bloomberg)

Manojit Saha Mumbai
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Friday decided to increase the policy repo rate by 50 basis points (bps) to 5.9 per cent — which is largely on expected lines — as inflation continues to stay above 6 per cent, the upper level of its tolerance band, for the past eight months.

Except External Member Ashima Goyal, who voted for a 35-basis point hike, the rest were in favour of what the MPC settled for. Since May this year, the repo rate has been increased by 190 bps to 5.9 per cent, a

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 30 2022 | 11:46 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com