RBI Monetary Policy 2024

• The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 5 per cent as retail inflation continues to be above its target of 4 per cent.
• This is the seventh consecutive meeting that the MPC has maintained a status quo on the repo rate.
• This is the first monetary policy statement of the current financial year 2024-25.
• The RBI has maintained India’s fiscal year 2025 GDP growth target at 7%.
• The Consumer Price Inflation (CPI) FY2025 forecast unchanged at 5%.
• Policy Rates:
  • Repo Rate: 6.5%
  • Standing Deposit Facility Rate: 6.25%
  • Marginal Standing Facility Rate: 6.75%
  • Bank Rate: 6.75%
  • Fixed Reverse Repo Rate: 3.35%

ABOUT MPC:

• The Monetary Policy Committee was constituted under the Reserve Bank of India Act, 1934.
• MPC is a six-member committee comprising three members from RBI including Governor Shaktikanta Das and three members appointed by the Central government.