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The RBI's MPC has kept the repo rate unchanged at 6.5% in its first bi-monthly policy for the new financial year 2023-24 (FY24).

The MPC voted unanimously to keep the repo rate unchanged and to take a pause after consecutive rate hikes in 6 previous policies.

The SDF and the MSF and Bank Rates will remain unchanged at 6.25% and 6.75% respectively.

The RBI has raised its FY24 GDP growth forecast to 6.5% from 6.4% previously.

The FY24 inflation projection lowered to 5.2% from 5.3% previously.

The CPI has risen since December 2022, and core inflation remains elevated.


The governor warned that the MPC will not hesitate to take further action in future meets.

The rupee has moved in an orderly manner in 2022 and continues to remain so in 2023.

The MPC is focussed on the ‘withdrawal of accommodation’ to ensure inflation aligns with the target while focussing on growth.

Click here to know more about the repo rate. 

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