Mumbai, Dec 8 (KNN) Reserve Bank of India (RBI) Monetary Policy Committee (MPC) on Friday announced its decision to keep the repo rate unchanged at 6.5 per cent.

Governor of the Central Bank Shaktikanta Das unveiled the decisions of the six-member MPC for the next set of bi-monthly monetary policy.

The RBI's high-powered rate-setting panel began its three-day brainstorming on Wednesday which culminated into no changes in the repo rate for fifth time in a row.

The regulatory body left the benchmark policy rate (repo) unchanged in its four monetary policies. The repo rate refers to the rate at which commercial banks borrow money by selling their securities to the reserve bank. These rates are key to boosting credit and investments by businesses to boost economic growth.

The RBI last increased the repo rate in February to 6.5 per cent, ending the interest rate hike cycle which began in May 2022 in the aftermath of the Russia-Ukraine war and subsequent disruptions in the global supply chain.

(KNN Bureau)