New Delhi: In view of the declining economy due to the epidemic and the festive season, people were expected to cut interest rates to increase demand on Friday but the Reserve Bank of India (RBI) monetary policy committee decided to keep the policy rates unchanged.
However, the committee has decided to maintain an equitable trend in the remaining period of the current financial year, which further raises the possibility of cutting interest rates. This third meeting of the Monetary Policy Committee was earlier scheduled to be held from September 29 to October 1, but the tenure of Dr. Chetan Ghate, Dr. Pammi Dua, and Dr. Ravindra Dholakia appointed as the three external members of the committee was ending on September 30. Due to this, the meeting was adjourned till the appointment of new members in its place.
In this meeting, headed by RBI Governor Shaktikanta Das, the committee has decided to keep the policy rates unchanged. On giving information about the decisions taken in the meeting, the governor said that this decision has been taken by the committee unanimously. He said the repo rate has been retained at 4%, the reverse repo rate at 3.35%, the bank rate at 4.25%, and the Marginal Standing Facility (MSF) at 4.25%.
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