RBI Keeps Repo Rate Unchanged at 6.5% for 10th Time, Shifts Stance to Neutral

Oct 9, 2024, 04:50 AM

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.5% for the tenth consecutive time. The decision was made by a majority vote of 5-1. RBI Governor Shaktikanta Das announced that the committee has also shifted its policy stance to 'neutral' from the previous 'withdrawal of accommodation'. Additionally, the standing deposit facility (SDF) rate remains at 6.25% and the marginal standing facility (MSF) and bank rate stand at 6.75%. The RBI has retained India's real GDP growth forecast for FY25 at 7.2%, with quarterly growth projections of 7% for Q2, 7.4% for Q3, and 7.4% for Q4. The CPI inflation forecast for FY25 is maintained at 4.5%.