Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced the October bi-monthly monetary policy statement, in which he said that the MPC has decided to keep the repo rate unchanged at 4% for the eighth straight meeting.

Key points

The reverse repo rate will also continue to earn 3.35% for banks for their deposits kept with RBI.

RBI has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from covid crisis. This follows 135 bps worth of rate cuts since the beginning of 2019.