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RBI Monetary Policy Committee

Published on September 30, 2022
Current Context: The six-member Reserve Bank of India (RBI) Monetary Policy Committee (MPC), led by the RBI Governor, Shaktikanta Das, announced several policy decisions.
RBI Monetary Policy Committee
  • The RBI hiked the repo rate by 50 basis points (bps) to 5.90%.
  • In order to curb inflation, it was the fourth consecutive increase (cumulatively 190 bps) in the current Financial Year.
  • Marginal Standing Facility (MSF) and Bank Rate also saw a hike of 50 bps to 6.15%.
  • The 28-day Variable Reverse Repo Rate (VRRR) auction was merged with a 14-day VRRR auction in order to counter temporary moderation in liquidity.
  • The RBI also mentioned that since April, Rupee saw a fall of 7.4% vs. USD.
  • The RBI retained its inflation projection for FY23 at 6.7%, with Q2 at 7.1%, Q3 at 6.5%, and Q4 at 5.8%.
  • The RBI further slashed the FY23 GDP growth forecast from 7.2% to 7.0%.
  • Other Policy Rates:
    1. Standing Deposit Facility Rate 5.65%
    2. Reverse Repo Rate 3.35%
    3. CRR 4.50%
    4. SLR 18.00%
  • MPC is a six-member committee of the RBI responsible for making decisions regarding policy rates, domestic currency, inflation, and growth. It was established in 2016 and the RBI Governor (currently Shaktikanta Das) is the ex-officio Chairperson of the committee.

Question:

Q.1 What is the current repo rate (September 30, 2022)?
a. 4.5%
b. 4.9%
c. 5.5%
d. 5.9%
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