Pause, not pivot: RBI on hold in key rates

April 06, 2023 13:14

Reserve Bank Governor Shaktikanta Das on Thursday made it clear that the decision to hold rates should be seen as a pause, and not as a pivot.

The rate-setting Monetary Policy Committee (MPC) will act on the rates as and when necessary, Das said. "If I have to characterise today's monetary policy in just one line...it's a pause, not a pivot," Das told reporters in the customary interaction with reporters after the announcement of the policy review.

Earlier in the day, the six-member MPC voted unanimously to keep the repurchase or repo rate unchanged at 6.50 per cent, surprising analysts who were expecting the central bank to make a final 25 basis points hike before opting to pause. Das said RBI is keen to assess the cumulative impact of the rate actions done till now.

There has been a cumulative hike of 250 basis points since May 2022. Deputy Governor Michael Patra said RBI has marginally upped its FY24 growth estimate to 6.5 per cent primarily on assumption of a decline in the average oil price to USD 85 per barrel as against USD 90 per barrel earlier. PTI

« Back to LIVE

TOP STORIES

In Pictures - Murray's farewell begins with emotional doubles defeat

It may not quite be the end for British great Andy Murray at Wimbledon but it felt like it as the 37-year-old received an emotional farewell after he and brother Jamie were beaten in the first round of the men's doubles on Thursday.

Turkey's Demiral to be suspended for wolf gesture?

Turkey defender Merih Demiral is to be banned for two games by UEFA following a gesture he made during his side's last-16 win against Austria on Tuesday and will miss Saturday's Euro 2024 quarter-final against Netherlands, German media...

JEE aspirant from Bihar hangs self in Kota, 13th death this year

This is the thirteenth case of suspected suicide by a coaching student in Kota since January.

Jailed radical preacher Amritpal can meet family, no nod to move out of Delhi

During his stay in the national capital, neither Singh nor his relatives or family members can make a statement in any form of media, according to the conditions laid down

In Pictures - Easy for Swiatek; Kasatkina whips Miyazaki

Images from Day 4 of the Wimbledon Championships, at the All England Lawn Tennis and Croquet Club, London, on Thursday.