NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday announced that the central bank will keep the repo rate unchanged at 6.5%. The decision, which came at RBI’s Monetary Policy Committee (MPC) meeting is set to provide relief to borrowers. Home loans and other EMIs are not likely to rise in the near future.

Asserting RBI’s readiness to act if the situation so warrants, Shaktikanta Das said, “We are witnessing unprecedented uncertainties in geopolitical and economies. RBI will remain focused on the withdrawal of monetary policy accommodation. India’s economic activity remains resilient with real GDP growth expected at 7% in FY23.”

Meanwhile, Monetary Policy Committee has marginally lowered its inflation forecast for FY24 from 5.3 percent to 5.2 percent.

The MPC has three members from the central bank and three external members.