Question
Download Solution PDFIn September 2022, the Monetary Policy Committee of Reserve Bank of India has decided to increase Bank Rate to the_____.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 6.15
Key Points
- The Monetary Policy Committee of the Reserve Bank of India has decided to increase Bank Rate to the 6.15 percent, with immediate effect.
- The repo rate is the interest rate at which the central bank lends to commercial banks.
- The RBI has raised the repo rate by 1.9 percent since May 2022.
- RBI also projected real GDP growth for 2022-23 at 7.0 percent.
Additional Information
- RBI:
- Governor - Shaktikanta Das.
- Headquarters - Mumbai.
- Founded: 1 April 1935, Kolkata.
- The Bank publishes two statutory reports, the Annual Report of the Bank and the Report on Trend and Progress of Banking in India.
- It also publishes Financial Stability Report.
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