RBI Interest Rates
The Reserve Bank of India kept its benchmark policy repo at 6.5 percent for the fourth consecutive meeting in October 2023, in line with market expectations. Policymakers said the decision remains to align inflation to the RBI’s tolerance range of 4% ± 2% while supporting economic growth. India's annual inflation slowed to 6.83% in August from a 15-month high of 7.44% in July due to moderating food prices. While inflation is expected to ease in September, monetary policy remains focused on bringing the rate down to the 4% midpoint of the target band amid uncertain food prices, RBI Governor Shaktikanta Das said. Additionally, the central bank maintained its economic growth and headline inflation forecast for the fiscal year 2024 at 6.5% and 5.4%, respectively, while softening its core inflation forecast by 140 bps to 4.9%. The RBI also left both the marginal standing facility (MSF) and bank rates unchanged at 6.75% while holding the standing deposit facility (SDF) rate at 6.25%.
| Calendar | GMT | Actual | Previous | ||||
|---|---|---|---|---|---|---|---|
| 2023-06-08 | 04:30 AM | 6.5% | 6.5% | ||||
| 2023-08-10 | 04:30 AM | 6.5% | 6.5% | ||||
| 2023-10-09 | 04:30 AM | 6.5% | 6.5% | ||||
| 2023-12-08 | 04:30 AM | 6.5% | |||||
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