Know Everything about RBI Monetary Policy
A 50 basis point increase in the bank’s monetary policy has been announced. In addition, the bank has provided a fresh update on statistics related to inflation rates.
To combat inflation, the Reserve Bank of India raised the repo rate once more. In its fourth monetary policy of this fiscal year, the bank raised the repo rate by 50 basis points and disclosed the second-quarter inflation rate.
The Reserve Bank of India (RBI) expects the inflation rate to be 6%. In addition, according to RBI Governor Shaktikanta Das, supply issues have led to a decision to raise inflation because it is currently a concern for all sectors.
Inflation Rate likely at 5% in Quarter 1 of FY24
Additionally, RBI Governor Shaktikanta Das stated in his statement that the first quarter of FY 24 may see an inflation rate of 5%. In addition, the delayed monsoon’s return may have an effect on vegetable prices, which would be major news for the average person.
Repo rate reaches 5.90%
Shaktikanta Das, governor of the RBI, announced a bi-monthly monetary policy on Friday, September 30, 2022. The repo rate has risen to 5.90 percent following this hike. the highest in the previous three years. The Reserve Bank has once again chosen to raise the cost of borrowing in order to curb inflation. The Reserve Bank has raised the repo rate by 190 basis points since May 2022. (1.90 percent).
Inflation is still biggest concern
The RBI governor said in his speech that the repo rate was increased and now the repo rate has increased to 5.90 percent. Let us tell you that 5 out of 6 members of the monetary policy were in favor of increasing the rates. During this, RBI Governor Shaktikanta Das said that there is still concern about inflation in all sectors.