New Delhi: The RBI, the country's central bank, conducts a monetary policy review meeting every two months. This meeting will last for three days. This meeting is chaired by the RBI Governor. RBI's monetary policy review meeting has started from October 4. The decision of this meeting has been given by RBI Governor today. All eyes are on these decisions during the festive season. In this meeting, decisions are taken keeping in mind the economic condition of the country and inflation.
RBI Governor Shaktikanta Das announced that this time too the decision has been taken in the meeting that there will be no change in the repo rate. This means that the repo rate will remain at 6.5 percent. Let us tell you that many experts had hoped that the decision to keep the repo rate stable could be taken due to inflation and other global factors.
If repo rate is understood in simple language, it is the rate of loan given by the central bank to other banks of the country. Banks also provide loan facility to customers at this rate. If the central bank decides to reduce the repo rate, it means that now the bank offers home loans, vehicles and other loans to customers at lower interest rates.
Under the RBI Act 1934, the RBI is responsible for conducting monetary policy to control growth and inflation. The MPC helps in controlling the growth and inflation of the country. There are 6 members in MPC meeting. This meeting is chaired by the Governor of RBI.