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01:13
India's central banking institution keeps repo rate unchanged at 6.5 pct for 7th time in row
STORY: India's central banking institution keeps repo rate unchanged at 6.5 pct for 7th time in row
SHOOTING TIME: April 5, 2024
DATELINE: April 6, 2024
LENGTH: 00:01:13
LOCATION: New Delhi
CATEGORY: ECONOMY
SHOTLIST:
1. various of India Gate
2. various of RBI building
3. various of banks
4. various of market area
STORYLINE:
India's central banking institution, the Reserve Bank of India (RBI), on Friday announced it has kept the repo rate unchanged at 6.5 percent.
The repo rate is the rate at which the central bank lends money to commercial banks in the event of a shortfall of funds.
This is the seventh time in a row the six-member Monetary Policy Committee (MPC) has decided to keep the key rates unchanged.
According to the RBI, these decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 percent within a band of plus or minus 2 percent, while supporting growth.
Meanwhile, the real GDP growth for 2024-25 is projected at 7.0 percent, and the CPI is projected at 4.5 percent.
The MPC is a committee of RBI that is responsible for fixing the benchmark interest rate in India. The meetings of the MPC are held at least four times a year.
Xinhua News Agency correspondents reporting from New Delhi.
(XHTV)
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