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Repo Rate Unchanged
Why is it in news?
- The Reserve Bank of India (RBI) left interest rates unchanged at the latest monetary policy committee’s meeting.
More from RBI:
- A second wave of COVID-19 remains a threat to the Indian economy.
- RBI has signaled that there’s space for future rate cuts if the inflation evolves in line with expectations.
- The level of GDP is likely to fallen approximately 6 per cent below its pre-Covid level by the end of 2020-21.
- The outlook for growth and inflation for the next 3-4 quarters suggests the need for a policy environment enabling recovery of output.
- Monetary Policy Committee:
- The Monetary Policy Committee (MPC) is a committee of RBI, headed by its Governor.
- MPC is entrusted with the task of fixing the benchmark policy interest rate (repo rate) to contain inflation within the specified target level.