The Reserve Bank of India (RBI) on February 08, 2024, issued a notification regarding the Monetary Policy Statement, 2023-24.
The following has been stated: -
• Based on an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) decided to:
(i)Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 percent.
(ii)Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 percent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 percent.
•The MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
•The objective is to achieve the medium-term target for consumer price index (CPI) inflation of 4 percent within a band of +/- 2 percent while supporting growth.
•Inflation is edging down from multi-decade highs, with intermittent upticks. Financial market sentiments have been fluctuating with changing views about an early pivot by central banks in advanced economies (AEs).
•The MPC will remain resolute in its commitment to aligning inflation to the target. The MPC is to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns with the target while supporting growth.
The detailed notification is given in the document attached below.
[Press Release: 2023-2024/1826]
