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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 taking it to 5.90% in the September policy meet.
So far in the current rate hike cycle, the cumulative rate hike of 190 bps by RBI 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 rate hike.
In addition to the hike in repo rate, the central bank also raised the bank rate to 6.15%. 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 retained the policy stance at ‘focus on withdrawal of accommodation’ reiterating its commitment to inflation control while supporting growth.
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