Diabytes
Reverse repo rate News
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The RBI may also want to address the stress in the non-sovereign money market, according to a report by Emkay Global Financial Services.
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BSE Sensex is trading down 326 points after RBI policy announcement at 65,669 points.
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RBI Monetary Policy 2023 Live Updates: RBI's MPC has decided 4:2 vote to remain focused on withdrawal of accommodative policy.
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The RBI's MPC will be meeting on February 6-8 to decide on the policy rates.
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The six-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das started deliberations on the bi-monthly policy review on Tuesday.
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The central bank had already hiked the key policy rate by 190 basis points since May to 5.9 per cent to cool off domestic retail inflation that has stayed above the RBI`s upper tolerance limit for over three quarters now. In October, retail inflation was 6.77 per cent as against 7.41 per cent the previous month.
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After four hikes, the RBI has now raised rates by a total 190 basis points since its first unscheduled mid-meeting increase in May.
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SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate.
The one-year tenor MCLR is the rate against which most of the consumer loans are tied to.
Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022.
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The six-member Monetary Policy Committee headed by Reserve Bank of India Governor Shaktikanta Das started deliberations on the bi-monthly policy review on Wednesday.
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The experts also point out that the rate revision by the US Federal Reserve and the central banks of many other countries have taken an aggressive stance on the rate revision.
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The RBI Monetary Policy Committee led by Governor Shaktikanta Das hiked Repo Rate by by 50 basis points to 5.40 percent on Friday.
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While the hike in policy interest rates is almost certain, analysts and economists have different opinions on the extent of the rate hike. It varies between 25 basis points to 50 basis points.
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Last month, the Reserve Bank of India took an unscheduled decision thereby increasing the repo rates by 40 bps to 4.40 percent, taking everyone off-guard. This was the first increase in the policy repo rate in nearly two years.
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RBI monetary policy announcement today.
Will bank hike key repo rates?
Check current interest rates.
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CRR hike will be effective from May 21.
This is the first-rate hike since August 2018.
Also the first instance of MPC making an unscheduled repo rate increase.
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CRR hike will be effective from May 21.
This is the first-rate hike since August 2018.
Also the first instance of MPC making an unscheduled repo rate increase.
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Macroeconomic outlook is undergoing tectonic upheavals, necessitating proactive measures.
RBI's approach will remain sophisticated and nimble, added Das.
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The Reserve Bank of India (RBI) Governor-headed rate setting panel will be holding its first meeting of the next fiscal from April 6-8.
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This also had the spread between the 10-year SDLs and G-secs narrowing to 40 bps from 48 bps last week, according to an analysis by Icra Ratings.
Seven of the 12 states which had initially indicated a borrowing of Rs 9,800 crore, did not participate in Tuesday's auction.
Additionally, Tamil Nadu borrowed Rs 1,000 crore less than indicated.
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Repo rate unchanged at 4 percent.
Reverse repo rate at 3.35 percent.
RBI continues with its accomodative stance.
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