CURRENT AFFAIRS

Detailed explanation-1: -The central bank of the 5th largest economy of the world has decided to increase the policy repo rate by 35 basis points to 6.25%. Consequently, the standing deposit facility (SDF) rate stands adjusted to 6.00 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent.

Detailed explanation-2: -The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on September 28-30, 2022 , and released the 4th RBI’s bi-monthly monetary policy of FY23 which decreased India’s Gross Domestic Product (GDP) growth for FY23 to 7% from 7.2% with FY23’s Q2 at 6.3%; Q3 at 4.6%; and Q4 at 4.6%.

Detailed explanation-3: -The RBI has increased the repo rate by a cumulative 250 basis points to 6.50 per cent since May this year. In December 2022, the MPC hiked the Repo rate by 35 basis points in a bid to rein in retail inflation.

Detailed explanation-4: -Statement: In its first bi-monthly policy review, RBI has decided to cut the repo rate by 25 basis points and take measures to ease the liquidity constraints in the banking system.

Detailed explanation-5: -RBI hikes interest rates, hints at more to come; projects 6.4 pc economic growth for 2023-24. The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 25 basis points to 6.50 per cent.