Repo rate unchanged at 6.5%

First MPC announcement in FY25

Mumbai: RBI’s Monetary Policy Committee held the key repo rate unchanged at 6.5 per cent for a seventh straight policy meeting today with economic growth also remaining strong.The two-day review meeting of the RBI’s Monetary Policy Committee (MPC), the rate-setting panel, commenced on April 3 and concluded today. This will be the first MPC announcement in Financial Year 2024-25 (FY25). 

Earlier, Jayanth Varma, an external member on the six-person monetary policy committee, had called for an interest rate cut, stating  his colleagues are keeping rates too high, which could stifle economic growth. At the February 8 policy meeting, Verma voted for a quarter-point cut, the first time in a year that he’s dissented from the rest. The committee decided to keep rates unchanged at the meeting.

. The committee had opted to maintain the status quo in all six policy review meetings throughout the financial year 2023-24.