RBI Monetary Policy Meeting Live: Das-led MPC keeps repo rate steady, raises inflation to 5.7% for FY23

RBI Monetary Policy LIVE: Reserve Bank of India Governor Shaktikanta Das has kept the repo rate unchanged at 4 per cent and reverse repo rate at 3.35 per cent in its first monetary policy statement of FY 2023. The Monetary Policy Committee of the Reserve Bank of India has also voted unanimously to maintain accommodative stance. RBI MPC has also revised FY23 GDP forecast to 7.2% from earlier guidance of 7.8%. Inflation projection for FY 23 has also been revised up to 5.7%, higher than previous expectation of 4.5%. In the last 10 meetings, the MPC left the interest rate unchanged and maintained an accommodative monetary policy stance. The repo rate was last cut on 22 May 2020 on the back covid-induced nationwide lockdown. Since then, the rate remains at a historic low of 4 per cent. The Reserve Bank’s Monetary Policy Committee (MPC) will meet six times this financial year. The next bi-monthly monetary policy of 2022-23 will be held during June 6-8.