About:
- It raised the repo rate (or the rate at which it lends money to the banking system) by 50 basis points (or 0.5 percentage points).
- It has cut India’s GDP growth rate for the current financial year (2022-23) from 7.2% to 7%.
- The MPC retained the retail inflation projection for the current fiscal year at 6.7%.
Monetary Policy Committee
- The Monetary Policy Committee of India is responsible for fixing the policy interest rate, to achieve the objectives of monetary policy.
- Composition:
- Three officials of the Reserve Bank of India, with Governor of RBI as Chairperson, ex officio
- Three external members appointed by the Government of India
- The external members hold office for a period of four years.
- Decisions of the MPC are taken on the basis of majority, with Governor having the casting vote in case of a tie.
- The MPC meets least 4 times a year and it publishes its decisions after each such meeting.
Source : The Hindu
Last updated on August, 2026
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