RBI Monetary Policy 2024: RBI keeps repo rate unchanged at 6.5% for eighth consecutive time, upsurge FY25 GDP estimate to 7.2%

RBI MPC Meeting June 2024: With the RBI keeping the repo rate constant, all external benchmark lending rates linked to the repo rate will not increase, providing relief to borrowers as their EMIs will not increase.

RBI Monetary Policy Meeting June 2024: The Monetary Policy Committee (MPC) of the Reserve Bank of India, which began its meeting on Wednesday, has kept the repo rate unchanged at 6.5% for the eighth consecutive time. This is the first time that the MPC met after the declaration of Lok Sabha election results.

In April, the central bank had determined to keep the repo rate unchanged at 6.5% and maintain the ‘withdrawal accommodation’ policy deportment in monetary policy. Both decisions were taken by the six-member MPC headed by RBI Governor Shaktikanta Das in a 5:1 majority vote.

Addressing a press conference, RBI Governor Shaktikanta Das revised the GDP (gross domestic growth) estimate for FY25 to 7.2%, higher than earlier expectation of 7%.