RBI Monetary Policy Review - Rate Hike Continues; Commentary Still Not Dovish: ICICI Direct

ICICI Direct Report

The Reserve Bank of India Monetary Policy Committee was of the view that further calibrated monetary policy action is warranted to keep inflation expectations anchored, break core inflation persistence and contain second round effects.

These actions are expected to strengthen the medium-term growth prospects of the Indian economy.

Accordingly, the MPC decided to increase the policy repo rate by 35 basis points to 6.25% and remain focused on withdrawal of accommodation, while supporting growth.

Consequently, the standing deposit facility rate stands adjusted to 6.00% with the marginal standing facility rate and the bank rate at 6.50%.

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