Financial News: India Central Bank Keeps Key Rates Unchanged

India Central Bank Keeps Key Rates Unchanged

08/08/2024 - 01:47:00 (RTTNews)

(RTTNews) - India's central bank maintained its interest rates for the ninth consecutive session on Thursday.

The Monetary Policy Committee of the Reserve Bank of India led by Governor Shaktikanta Das, voted 4-2 to keep the policy repo rate unchanged at 6.50 percent.

The decision came in line with expectations. Ashima Goyal and Jayanth Varma voted to reduce the policy repo rate by 25 basis points.

The rate has been at 6.50 percent since February 2023.

The MPC voted 4-2 to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

Das said the bank stays resolute in its commitment to aligning inflation to the 4 percent target on a durable basis.

The MPC reiterated the need to continue with the disinflationary stance, until a durable alignment of the headline CPI inflation with the target is achieved.

The projection for 2024-25 inflation was retained at 4.5 percent with risks evenly balanced.

The central bank maintained its growth outlook for the current financial year at 7.2 percent.

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