RBI kept benchmark lending rate unchanged 10th time in a row at 4 per cent and decided to continue with its accommodative stance in the backdrop of elevated level of inflation. Reverse repo rate too was left unchanged at 3.35 percent.
This is the tenth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo.
RBI had last revised its policy repo rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
"Pandemic hold global economy hostage. India charting different course of recovery than rest of the world; to be fastest growing economy," Das said is the first MPC meeting after presentation of Budget 2022-23.
The top bank projects the real GDP growth for next financial year projected at 7.8 per cent.
The RBI sees CPI inflation at 5.3 per cent for FY22 and 4.5 per cent in 2022-23: Governor Das.