The RBI kept interest rates unchanged for the ninth consecutive time, with the repo rate at 6.5%.

Repo rate: The Reserve Bank of India (RBI) has decided to keep interest rates unchanged for the ninth consecutive time. Governor Shaktikanta Das announced the policy interest rate repo rate on August 8, 2024 after a three-day meeting of the RBI Monetary Policy Committee (MPC) for the bi-monthly monetary review. Speaking to reporters, RBI Governor Shaktikanta Das said the central bank has decided to keep the repo rate at 6.5 percent in view of inflation. At the meeting of the Monetary Policy Committee, 4 out of 6 members voted to keep the interest rate steady at 6.5 percent. However, the broad downward trend in inflation continues, he said. No change in repo rate to boost economic growth: RBI Governor Shaktikanta Das informed the decision taken at the three-day meeting of the Monetary Policy Committee (MPC) that began on Tuesday, where 4 out of 6 MPC members voted in favor of keeping the repo rate unchanged. Along with this, the MPC has maintained its stance of withdrawing the liberal stance. He said there was no change in the policy rate aimed at bringing inflation to a stable level of 4 percent and accelerating economic growth amid global uncertainty. Also Read: As Tomato Prices Increase, What Is Repo Rate For Vegetarian Foods? Repo is the interest rate at which the country's banks borrow money from the Reserve Bank of India to meet their immediate needs. Reserve Bank uses to control inflation. Keeping the repo rate at 6.5 per cent means that there is little chance of change in the monthly installment (EMI) for various loans, including home and auto. RBI Governor Shaktikanta Das said the central bank has maintained its GDP growth target at 7.2 per cent for 2024-25. Retail inflation is also maintained at 4.5 per cent in the current fiscal. He said efforts to curb inflation in the first quarter of the current financial year 2024-25 have slowed as food prices continue to rise. Also Read: Gold Gets Cheaper Before You Sleep, Silver Doubles, RBI Keeps Interest Rate unchanged for Ninth Consecutive Time, Repo Rate at 6.5%