RBI Monetary Policy February 2024: The Reserve Bank of India (RBI) announced its short-term rate lending decision at 10 am on Thursday after three days of deliberations. As per market expectation, the central bank has kept the repo rate steady for the sixth time in a row. Prof. Jayanth Varma remained the only Monetary Policy Committee (MPC) member to suggest repo rate cuts by 0.25 per cent.
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As of now, the repo rate stands at 6.5 per cent after a 0.25 per cent hike by RBI in February 2023. Inflation has remained largely above or at the upper end of RBI’s tolerance level. Shaktikanta Das emphasised on maintaining a holistic approach in dealing with high inflation while not eroding GDP gains. “We must not only preserve the hard-earned strength and stability of the Indian economy but also build on this further for a long haul of higher growth with price and financial stability.”
Post his policy announcement, RBI Governor Shaktikanta Das addressed questions from the press members, mostly surrounded around the regulatory action against payment aggregator Paytm. Read less
As per the RBI’s website, six-member MPC is required to meet at least four times a year to deliberate on inflation.
The decision announcement by Governor Das will be live streamed on RBI’s official YouTube and X accounts.
