CURRENT AFFAIRS

Detailed explanation-1: -Duvvuri Subbarao served as governor of the Reserve Bank of India for five years (2008-13). Prior to that, he was finance secretary to the Government of India (2007-08) and secretary to the prime minister’s Economic Advisory Council (2005-07).

Detailed explanation-2: -Reserve Bank of India (RBI) is responsible for fixing Repo or Reverse Repo Rate. RBI regulates these rates as a part of its monetary policy. Monetary policy refers to the steps undertaken by the central bank to control the liquidity and supply of money in the market.

Detailed explanation-3: -India Hikes Rates by 25 bps to 6.5% as Expected The Reserve Bank of India raised its key repo rate by the expected 25 bps to 6.5% during its February 2023 meeting, the sixth rate hike in a row, amid easing inflation prompted by moderation in food prices.

Detailed explanation-4: -Post Monetary Policy Press Conference by RBI Governor Shaktikanta Das, watch! The Reserve Bank of India-led rate-setting panel on Wednesday raised the country’s policy rate by 25 basis points in its last policy review of the fiscal year (FY23) amid moderating inflation.

Detailed explanation-5: -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.