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News: The Monetary Policy Committee’s meeting held from October 7-9 has decided to keep the repo rate unchanged at 6.5 percent for 20 consecutive months.
1. Monetary Policy Committee is a statutory body under the RBI Act, 1934. It is responsible for fixing benchmark interest rates in India and maintains price stability while keeping in mind the objective of growth.
2. The decision to keep the repo rate unchanged at 6.5% was taken by a 5:1 majority, with MPC member Nagesh Kumar voting for a 25-basis point cut.
3. The Monetary Policy Committee decided to change the monetary policy stance to neutral, after keeping it as withdrawal of accommodation for 28 straight months.
4. An important reason to keep the repo rate unchanged was retail inflation surging to a nine-month high of 5.49 percent in September from 3.65 percent in August.
5. The decision is also in line with the RBI’s mandate to maintain the inflation target of 4% with a tolerance band of +/- 2%.
