BANKING AFFAIRS

Detailed explanation-1: -Here’s what the Indian central bank chief announced. RBI Monetary Policy Committee Meeting December 2022: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, RBI Governor Shaktikanta Das announced.

Detailed explanation-2: -Taking into account the baseline assumptions, survey indicators and model forecasts, real GDP growth is expected at 7.0 per cent in 2022-23 – 6.3 per cent in Q2; and 4.6 per cent each in Q3 and Q4 – with risks broadly balanced around this baseline path (Chart I.

Detailed explanation-3: -This comes a day after the World Bank raised its growth forecast to 6.9 per cent for financial year 2022-23 from a revised 6.5 per cent accounted in October. While unveiling the monetary policy on Wednesday, the RBI said, “growth prospects across the world are dampening.

Detailed explanation-4: -The MPC raised the repo rate for the 4th consecutive time by 50 basis points to 5.90% from 5.40%. Consequently, the Standing Deposit Facility (SDF) Rate adjusted to 5.65% from 5.15%; and Marginal Standing Facility (MSF) rate and Bank Rate to 6.15% from 5.65%.