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The Reserve Bank of India increased its repo rate by 50 basis points to 5.9% with immediate effect. Accordingly, the standing deposit facility and margin standing facility rate were adjusted to 5.65% and 6.15%, respectively.
Five out of six members of the Monetary Policy Committee voted to increase the repo rate by 50 bps while one member voted to increase the repo rate by 35 bps.
Similarly, five out of six members voted to remain focused on withdrawal of accommodation to ensure that inflation remains within the target while supporting growth.
According to the RBI, inflation is likely to be above the upper tolerance level of 6% through the first three quarters of FY23, with core inflation remaining high.
The outlook is tense with considerable uncertainty, given the volatile geopolitical situation, global financial market volatility and supply disruptions.
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