India’s central banking institution Reserve Bank of India (RBI) Thursday announced it has kept the repo rate unchanged at 6.5 percent.
Repo rate is the rate at which the central bank lends money to commercial banks in the event of a shortfall of funds.
This is the third time in a row that the six-member Monetary Policy Committee (MPC) has decided to keep the key rates unchanged.
The MPC is a committee of RBI that is responsible for fixing the benchmark interest rate in India. The meetings of the MPC are held at least four times a year and after every such meeting, it publishes its decisions.