RBI Hikes Interest Rate To 3-Year-High Of 5.9% | Read

PUBLISHED ON: September 30, 2022 | Duration: 13 min, 50 sec

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The Reserve Bank of India hiked its key lending rate by 50 basis points to 5.90 per cent, driven by elevated inflation, aggressive global central bank policies, and turmoil in financial markets. The key lending rate, or repo rate, was increased by 0.5 per cent to 5.90 per cent by the monetary policy committee (MPC), which consists of three members from the RBI and three outside members, with a five out of six majority.

Highlights

  1. World in midst of third major shock from aggressive monetary tightening by central banks.
  2. There is nervousness in financial market, global economy eye of new storm.
  3. Indian economy continues to be resilient in midst of global turmoil.
  4. RBI hikes benchmark lending rate by 50 basis points to 5.90 per cent.
  5. RBI to remain focused on withdrawal of accommodative monetary policy.
  6. Inflation expected to remain elevated at around 6% in second half of FY23.
  7. Economic activity in India remains stable.
  8. Recent correction in global crude oil prices if sustained may provide relief to inflation.
  9. High frequency data for Q2 indicates economic activities remain resilient, private consumption picking up.
  10. RBI cuts its economic growth projection for FY23 to 7% from earlier estimate of 7.2%.
  11. Merchandise exports have been affected due to external factors.
  12. Inflation projection for FY23 retained at 6.7% for FY23.
  13. Bank credit has grown at accelerated pace of 16.2%.
  14. Rupee movement orderly against US dollar; depreciated only 7.4% this year till Sep 28.
  15. We remain confident of financing our external sector deficit.
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