In line with street estimates, the Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee (MPC) has decided unanimously to keep the repo rate unchanged at 4 per cent. This is the first monetary policy for FY23. The rate remained unchanged for the eleventh time in a row. The MPC also decided to continue with its 'accommodative' stance of policy. The reverse repo rate also remained unchanged at 3.35 per cent. The Marginal Standing Facility (MSF) and Bank rates stood at 4.25 per cent. Besides, RBI cuts the FY23's GDP growth forecast to 7.2% from 7.8%. Meanwhile, the RBI is introducing Standing Deposit Facility (SDF) to provide symmetry to the operating framework of monetary policy. RBI will introduce SDF as the floor for the LAF corridor. SDF to have 3.75 percent interest rate.
