The Reserve Bank of India on Wednesday hiked the repo rate by 25 basis points to 6.5%, Governor Shaktikanta Das announced. This was the first Monetary Policy Statement of the year. In December 2022, the repo rate was raised by 0.35 percentage points to 6.25%. There was no change in the reverse repo rate of 3.35%. The standing deposit facility rate will stand revised to 6.25% and the marginal standing facility rate and the bank rate to 6.75%. The MPC also decided by a majority of 4 out of 6 to remain focussed on the withdrawal of accommodation to ensure that inflation remains within target going forward while supporting growth.

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