RBI Repo Rate: RBI has not made any change in the policy rates in the four MPC meetings held so far in the financial year 2023-24.
RBI MPC Meeting: The meeting of the Monetary Policy Committee of the Reserve Bank of India is going to start from 6th December. On December 8, 2023, RBI Governor Shaktikanta Das will announce the decisions taken in the MPC meeting in which everyone will be watching to see what decision the RBI Governor takes regarding the repo rate. Meanwhile, the largest public sector State Bank of India has said in its report that RBI will not make any cut in its benchmark repo rate before the second quarter of 2024-25, which is currently at 6.5 percent.
SBI’s Group Chief Economic Advisor Soumya Kanti Ghosh has prepared this report in which it has been said that RBI will not make any change in the repo rate on December 8, 2023. It has been said in the report that the repo rate will remain stable at 6.50 percent and there is no possibility of any change in it before June 2024. It has been said in the report that there is very little possibility of inflation rate falling below 5 percent in 2023-24. In such a situation, RBI will not make any change in its stand.
In fact, in six MPC meetings after May 2022, RBI increased the policy rate i.e. repo rate after the sharp rise in retail inflation rate. The repo rate was increased from 4 percent to 6.50 percent. Due to which every type of loan including home loan has become expensive. So the EMI of old customers became expensive.
No change has been made in the policy rates in the four MPC meetings so far in the financial year 2023-24. At the same time, due to the fall in the prices of food items and gas, the Consumer Price Index has come down to 4.87 percent in October 2023, which had reached a 15-month high of 7.44 percent in July. RBI has predicted retail inflation rate to be 5.4 percent in 2023-24. In which it is expected to be 5.6 percent in the third quarter and 5.2 percent during the fourth quarter from January to March.
