Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

RBI’s 3rd Monetary Policy - 2022-23

50 bps rate hike as RBI expectedly continues to focus on combating inflation
08 August 2022
    Local Market Commentary

    RBI’s 3rd Monetary Policy - 2022-23

    Key Highlights
    • Repo rate hiked by 50 bps to 5.40 per cent; CRR unchanged; inflation and growth projections retained
    • Repo rate hiked by 50 bps at 5.40 per cent; Standing Deposit Facility Rate by 50 bps to 5.15 per cent and Marginal Standing Facility by 50 bps to 5.65 per cent
    • MPC continues with focus on “withdrawal of accommodation” stance to ensure that inflation remains within the target going forward, while supporting growth
    • All members of the monetary policy committee (MPC) voted unanimously to increase rates by 50 bps and 1 member expressed reservation on the stance
    • Inflation projections for FY 23 remains unchanged at 6.7 per cent, with inflation estimated at 5 per cent for Q1FY24
    • No change in CRR – remains at 4.5 per cent of net demand and time liabilities (NDTL)

    Related articles

    Back to top