The Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) in its first bi-monthly policy for FY24 has unanimously decided to keep repo rate unchanged at 6.50%, after six repo rate hikes in a row. The standing deposit facility rate remained unchanged at 6.25% and the central bank has decided to remain focused on withdrawal of accommodation. On the growth front, the central bank has projected GDP growth at 6.5% for FY24.