NEW DELHI: Shaktikanta Das, the Governor of Reserve Bank of India, said the Monetary Policy Committee (MPC) has decided to maintain key policy rates at the current rates.
Das said that the need of the hour is to back growth as the bank kept the repo rate unchanged at 4% and reverse repo rate untouched at 3.35%.
The decision came at the end of the first meeting of the six-member Monetary Policy Committee (MPC) after Budget 2021.
Since March 2020, the Reserve Bank of India has slashed its key lending rate i.e. repo rate by 115 basis points.
RBI cut its policy rate on May 22, 2020, in an off-policy cycle, when the COVID-19 pandemic posed an unprecedented economic challenge.
The key interest rate at which the RBI lends money to commercial banks is steady at a 19-year low of 4%.