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No change in repo rate; Credit policy announced

New Delhi: The Reserve Financial institution of India (RBI) has introduced a brand new lending coverage for the eleventh consecutive time, preserving the repo charge unchanged. The repo charge will stay at 4%. In the meantime, the reverse repo charge was hiked to three.75 per cent.

RBI Governor Shakti Kanta Das mentioned the economic system was slowly recovering from the affect of the Omikron wave.

In response to the RBI Governor, GDP development is predicted to select as much as 7.2 per cent from 7.8 per cent within the 2022-2023 monetary 12 months and inflation to five.7 per cent from 4.5 per cent.

The repo charge is the speed at which the Reserve Financial institution lends to industrial banks. On the similar time, the reverse repo charge is the speed at which the Reserve Financial institution borrows cash from banks for a brief time frame to withdraw extra cash from the market.

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