RBI Monetary Policy: Repo rate unchanged at 4%, GDP growth forecast at 7.2% in FY23

RBI Monetary Policy: Document with Financial Data
Financial Data (Image: Canva)

The Reserve Bank of India (RBI) on Friday 8th April 2022, for the 11th consecutive time, the Monetary Policy Committee (MPC) kept the lending rate or repo rate unchanged at 4% while the reverse repo rate has also been kept unchanged at 3.35%.

This is the first meeting of the Monetary Policy Committee (MPC) of FY 23. RBI (Reserve Bank of India) kept the key interest rate unchanged at 4% and GDP growth forecast at 7.2%.

In order to boost credit flow to the housing loan sector, the Reserve Bank of India (RBI) in its meeting today increased the low-risk weight on housing loans till March 31, 2023. RBI Governor Shaktikanta Das said it will help in improving credit flow to the housing sector.

RBI raised the CPI (consumer price index) inflation forecast for FY23 from 4.5% to 5.7% and lowered the GDP growth forecast to 7.2% from 7.8%.

According to the Reserve Bank of India’s monetary policy report, FY23 inflation could be pushed up by 30 basis points from the 5.7% base if crude oil prices are higher than expected.

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