{"id":141707,"date":"2023-10-06T16:14:47","date_gmt":"2023-10-06T10:44:47","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=141707"},"modified":"2023-10-06T16:14:48","modified_gmt":"2023-10-06T10:44:48","slug":"rbi-monetary-policy-october-2023-repo-rate-unchanged","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/rbi-monetary-policy-october-2023-repo-rate-unchanged\/","title":{"rendered":"RBI Monetary Policy October 2023 \u2013 Repo Rate Unchanged"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-monetary-policy-october-2023-repo-rate-unchanged\/#RBI_Repo_Rate\" >RBI Repo Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-monetary-policy-october-2023-repo-rate-unchanged\/#Key_Highlights_of_the_RBI_Monetary_Policy_Committee_MPC\" >Key Highlights of the RBI Monetary Policy Committee (MPC)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-monetary-policy-october-2023-repo-rate-unchanged\/#About_the_Monetary_Policy_Committee_MPC\" >About the Monetary Policy Committee (MPC)<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RBI_Repo_Rate\"><\/span>RBI Repo Rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Reserve Bank of India (RBI) has announced its fourth bi-monthly monetary policy on October 6. The Monetary Policy Committee (MPC), under the leadership of RBI Governor Shaktikanta Das, conducted a three-day meeting beginning on October 4. <strong>The central bank has chosen to keep the <a href=\"https:\/\/www.oliveboard.in\/blog\/rbi-monetary-policy-august-2023-repo-rate-unchanged\/\" target=\"_blank\" rel=\"noreferrer noopener\">repo rate unchanged<\/a> at 6.50% and has adopted a stance of &#8216;withdrawal of accommodation.&#8217;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Highlights_of_the_RBI_Monetary_Policy_Committee_MPC\"><\/span>Key Highlights of the RBI Monetary Policy Committee (MPC)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Repo Rate<\/h3>\n\n\n\n<p>The MPC has decided to maintain the policy <strong>repo rate under the liquidity adjustment facility (LAF) at its current level of 6.50 percent<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Other Key Rates<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The <a href=\"https:\/\/rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=56502\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Monetary Policy Committee (MPC)<\/a> has decided to keep the <strong>standing deposit facility (SDF) rate unchanged at 6.25 percent<\/strong>, and the <strong>marginal standing facility (MSF) rate and the Bank Rate at 6.75 percent<\/strong>. <\/li><li>The MPC&#8217;s focus remains on the <strong>withdrawal of accommodation<\/strong> to ensure that inflation gradually aligns with the target while still supporting economic growth.<\/li><\/ul>\n\n\n\n<p>These determinations are in line with the central objective of attaining the medium-term target for consumer price index (CPI) inflation of 4% within a tolerance range of +\/- 2%, while concurrently fostering economic growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Global Economy<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The global economic situation is showing signs of slowing down, with inflation gradually decreasing but still exceeding target levels in major economies. <\/li><li>There are concerns about the possibility of interest rates remaining elevated for an extended period, which is contributing to volatility in global financial markets. <\/li><li>Sovereign bond yields have risen, the US dollar has strengthened, and equity markets have experienced corrections. <\/li><li>Emerging market economies (EMEs) are grappling with currency depreciation and fluctuating capital flows, adding to the challenges in the global economic landscape.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Domestic Economy<\/h3>\n\n\n\n<ul class=\"wp-block-list\" start=\"3\"><li>Real gross domestic product (GDP) grew by 7.8 percent year-on-year (y-o-y) in Q1:2023-24 (April-June), driven by private consumption and investment demand.<\/li><li><strong>South-west monsoon rainfall improved in September, ending 6 percent below the long-period average. The acreage under Kharif crops was slightly higher than the previous year. <\/strong><\/li><li><strong>The index of industrial production rose by 5.7 percent in July, and core industries output expanded by 12.1 percent in August. High-frequency indicators like the Purchasing Managers&#8217; Indices (PMIs) showed healthy expansion in the services sector in August-September.<\/strong><\/li><li>Urban consumption remains strong, while rural demand is showing signs of improvement. Public sector capital expenditure supports investment activity. There is robust growth in steel consumption, cement production, imports, and the production of capital goods. Merchandise exports and non-oil non-gold imports contracted in August but at a slower pace. Services exports improved in August.<\/li><li>Consumer Price Index (CPI) headline inflation increased by 2.6 percentage points to 7.4 percent in July due to a spike in vegetable prices but moderated somewhat to 6.8 percent in August. Fuel inflation rose to 4.3 percent in August. Core inflation (CPI excluding food and fuel) softened to 4.9 percent during July-August 2023.<\/li><li>As of September 22, 2023, money supply (M3) grew by 10.8 percent (y-o-y), and bank credit expanded by 15.3 percent. India&#8217;s foreign exchange reserves stood at US$ 586.9 billion as of September 29, 2023.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_Monetary_Policy_Committee_MPC\"><\/span>About the Monetary Policy Committee (MPC)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Monetary Policy Committee (MPC) is a six-member committee of the Reserve Bank of India (RBI). It is responsible for formulating and implementing the monetary policy of the country. The MPC was constituted in 2013 under the provisions of the Reserve Bank of India Act, 1934.<\/p>\n\n\n\n<p>The MPC is responsible for setting the benchmark interest rate, the repo rate, and other monetary policy instruments. The repo rate is the rate at which the RBI lends money to commercial banks. The MPC also sets the reverse repo rate, the rate at which the RBI borrows money from commercial banks.<\/p>\n\n\n\n<p>The MPC meets once every two months to review the monetary policy and to make necessary decisions. The MPC&#8217;s decisions are based on a variety of factors, including the economic outlook, inflation, and financial stability.<\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs\/\" aria-label=\"Weekly Current Affairs 2026 for Bank, SSC, Railways &amp; PCS Exams\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/05\/Weekly-Current-Affairs.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Weekly Current Affairs\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs\/\">Weekly Current Affairs 2026 for Bank, SSC, Railways &amp; PCS Exams<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-7th-to-14th-june-2026\/\" aria-label=\"Weekly Current Affairs 7th to 14th June 2026, FREE PDF &amp; Quiz\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/Weekly-Current-Affairs-7th-to-14th-June-2026.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Weekly Current Affairs 7th to 14th June 2026\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-7th-to-14th-june-2026\/\">Weekly Current Affairs 7th to 14th June 2026, FREE PDF &amp; Quiz<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-31st-may-to-6th-june-2026\/\" aria-label=\"Weekly Current Affairs 31st May to 6th June 2026, FREE PDF &amp; Quiz\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/Weekly-Current-Affairs-31st-May-to-6th-June-2026.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Weekly Current Affairs 31st May\u20136th June 2026\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-31st-may-to-6th-june-2026\/\">Weekly Current Affairs 31st May to 6th June 2026, FREE PDF &amp; Quiz<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/current-affairs-may-2026-quiz\/\" aria-label=\"May 2026 Current Affairs, FREE PDF &amp; Live Quiz\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/May-2026-Current-Affairs.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"May 2026 Current Affairs\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/current-affairs-may-2026-quiz\/\">May 2026 Current Affairs, FREE PDF &amp; Live Quiz<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\" aria-label=\"Monthly Current Affairs 2026 PDF For SSC, Banking, and Railways\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/06\/Monthly-Current-Affairs-2026-PDF.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Monthly Current Affairs 2026 PDF\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/monthly-current-affairs\/\">Monthly Current Affairs 2026 PDF For SSC, Banking, and Railways<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-24-30th-may-2026-quiz\/\" aria-label=\"Weekly Current Affairs 24-30th May 2026, FREE PDF &amp; Quiz\"><img loading=\"lazy\" decoding=\"async\" width=\"128\" height=\"84\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/Weekly-Current-Affairs-24-30th-May-2026.webp\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Weekly Current Affairs 24th\u201330th May 2026\" style=\"\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/weekly-current-affairs-24-30th-may-2026-quiz\/\">Weekly Current Affairs 24-30th May 2026, FREE PDF &amp; Quiz<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>RBI Repo Rate The Reserve Bank of India (RBI) has announced its fourth bi-monthly monetary policy on October 6. The<\/p>\n","protected":false},"author":54,"featured_media":141730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10386,12676],"tags":[77,12700],"class_list":["post-141707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-october","tag-current-affairs","tag-repo-rate","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI Monetary Policy October 2023 \u2013 Repo Rate Unchanged<\/title>\n<meta name=\"description\" content=\"RBI has announced its fourth bi-monthly monetary policy on October 6. 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