Question

In the RBI's Monetary Policy Committee (MPC) meeting held on 9 October 2024, how many members supported the decision to maintain the repo rate at 6.5%?

• A. Three out of six
• B. Five out of six
• C. Four out of six
• D. Six out of six

Answer 1

Answer:

B. Five out of six

The Reserve Bank of India's Monetary Policy Committee (MPC) on Wednesday (October 9, 2024) decided to keep the policy repo rate unchanged at 6.50% for the 10th consecutive time. Of the six members of the MPC, five voted in favour of the decision, which is aimed at taming inflation. The Reserve Bank of India held its benchmark repo rate steady at 6.5% for the eleventh consecutive time, citing persistent inflation concerns despite slowing economic growth. The central bank acknowledged pressure to cut rates but prioritized controlling inflation, currently above its 4% target. The decision comes amid uncertainty over Governor Shaktikanta Das's future, whose term ends in December 2024.