RBI Keeps Key Rates Unchanged, Raises Inflation Forecast




The Monetary policy committee of the Reserve Bank of India on Wednesday decided to keep the Repo Rate unchanged at 6% For the second consecutive meetings while maintaining its neutral stance. This means banks are unlikely to revise their home or car loan rates anytime soon. The Central Bank had projected an Inflation range of 4.2-4.6% in the Last policy meeting held in October. The recent Rise in International crude oil prices may sustain any adverse supply shock due to geopolitical developments could push prices [UP] Even further. Crude oil and food prices drove up retail inflation to 3.58%in October. On Growth while observing that Q2 Growth for the quarter ended September was lower than that projected in its October resolution, the central bank has retained the full year GVA growth projection at 6.7%. SBI Chairman Rajnish Kumar said the RBI’s decision to maintain status quo was in consonance with market expectations. The MPC noted the upside pressure from food and fuel prices and evolving cost of living conditions and inflation expectations.

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