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The Monetary Policy Committee of the Reserve Bank of India delivered a fourth consecutive rate hike as it raised the policy repo rate by 50 basis points to 5.90% at the September policy meeting.
So far in the current rate hike cycle, RBI’s cumulative rate hike of 190 bps has taken the repo rate to the highest level since May 2019. Five of the six MPC members voted to raise the repo rate by 50 bps, while one member voted for a 35 bps hike.
In addition to the increase in the repo rate, the central bank also raised the bank rate to 6.15 per cent. The liquidity adjustment facility corridor was maintained at 50 bps with the standing deposit facility and marginal standing facility adjusted to 5.65% and 6.15% respectively.
The central bank has maintained the policy stance of ‘focus on housing withdrawal’ and reiterates its commitment to inflation control while supporting growth.
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