RBI MPC: The Reserve Bank of India on Thursday hit the pause button and decided to keep key benchmark policy rate at 6.5% even as inflation is trending above its tolerance level.
RBI governor Governor Shaktikanta Das, while announcing Monetary Policy Committee decisions on Thursday said that RBI will maintain agile approach for liquidity management and manage govt borrowing programme in non-disruptive manner.
Shaktikanta Das added that current financial year points towards softening of inflation and war against inflation to continue until there is durable decline.
He added that global economy is facing financial challenges in the wake of recent bank failures.
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He said that global economy is facing renewed phase of turbulence.
Shaktikanta Das said RBI is keeping a close watch on turmoil in banking sector in developed countries.
RBI has projected 5.2% inflation for FY24, 5.1% in Q1.
The Monetary Policy Committee will not hesitate to take any action in future, says RBI Governor after hitting pause button on rate hike, he added.
Policy decisions taken since May 2022 are still working through the system. Banking and non-banking financial system remains healthy, he underlined.
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