On September 30, 2022, the Reserve Bank of India (RBI) has announced a 50 basis points (bps) hike in the repo rate with immediate effect. The announcement was made by the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das. With this latest hike the repo rate has now increased from 5.4% to 5.9%. Besides this, the committee also reduced the growth forecast for FY2023 to 7% from 7.2%.
The different rates are as follows-
Policy Repo Rate - 5.90%
Standing Deposit Facility (SDF) – 5.65%
Marginal Standing Facility Rate- 6.15%
Bank Rate- 6.15%
Fixed Reverse Repo Rate- 3.35%
CRR- 4.50%
SLR- 18.00%
