The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the policy stance as ‘accommodative’ and kept the benchmark interest rate or repo rate unchanged.
The MPC voted unanimously to keep the policy repo rate unchanged at 4%. The reverse repo rate also remains at 3.35%.
Given that the economy is recovering from the economic blow of the pandemic, Das said the accommodative stance will continue as long as needed.
The RBI has projected the real gross domestic product (GDP) growth at 7.8% for the financial year 2022-23.
Das noted that there has been some loss of economic momentum due to the third pandemic wave and demand for contact intensive sector has been muted.
