BANKING AFFAIRS

Detailed explanation-1: -Reserve Bank of India repo rate: The Reserve Bank of India (RBI) Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) has raised the repo rate by 25 basis points to 6.5 per cent on Wednesday from 6.25 per cent.

Detailed explanation-2: -Current Repo Rate in India The current repo rate in 2023 stands at 6.50% as per the recent update on 8th February 2023, when the Reserve Bank of India (RBI) raised the repo rate by 25 basis points.

Detailed explanation-3: -Current Bank Rate in India The Reserve Bank of India repo rate in 2023 increased by 0.35 percentage points to 6.25% in December 2022. The 3.35% reverse repo rate remained unchanged. The marginal standing facility rate and the bank rate will remain unchanged at 6.75% and 6.25%, respectively.

Detailed explanation-4: -The key repo rate has been hiked on 7 December 2022 by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) by 35 basis point to 6.25%. The policy repo rate was increased from 4.00% to 4.40%, by 40 basis points (bps), on 4 May 2022, and then from 4.40% to 4.90% on 8 June 2022, by 50 basis points.