RBI hikes the repo rate by half a per cent to 5.90% to control inflation
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- Last Updated on 1 October, 2022
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Press Release: 2022-2023/966, 967 & 968, dated: 30.09.2022
The Monetary Policy Committee (MPC) of the RBI has announced an increase in the policy repo rate under the liquidity adjustment facility (LAF) by 50 bps to 5.90 per cent with an immediate effect. Earlier the prescribed repo rate was 5.40 percent. Accordingly, the standing deposit facility (SDF) rate stands adjusted to 5.65 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.15 per cent.
Further, the RBI has issued a statement setting out various development and regulatory policy measures relating to a) Regulation and Supervision, and b) Payment and Settlement systems. The measures include the following –
(a) Discussion Paper on the securitisation of stressed assets framework (SSAF);
(b) Discussion Paper on Expected Loss (EL) based approach for loan loss provisioning by banks.
(c) Internet banking facilities for the customers of Regional Rural Banks (RRBs); and
(d) Regulating offline payment aggregators
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