RBI maintains status quo; leaves benchmark lending rate unchanged at 4%

RBI retained its growth projection at 9.2% and inflation at 5.3% for the current financial year

Reserve Bank of India (RBI) on February 10 kept the benchmark interest rate unchanged at 4% and decided to continue with its accommodative stance in the backdrop of an elevated level of inflation.

This is the tenth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.

This is the first MPC meeting after presentation of Budget 2022-23 in Parliament on February 1.