Mumbai (Maharashtra) [India], April 7 (ANI): The Reserve Bank of India (RBI) on Wednesday kept interest rates on hold and maintained an accommodative policy stance to nurture a fragile economic recovery after the three-day meeting of its monetary policy committee (MPC).
This came amid a sharp new wave of Covid-19 cases in several states and local lockdowns, reigniting uncertainty regarding economic outlook in the immediate term.
The repo rate and reverse repo rate thus remain unchanged at 4 per cent and 3.35 per cent respectively.
Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation. The reverse repo rate is the rate at which the RBI borrows from banks. (ANI)
RBI keeps key interest rates on hold as Covid-19 cases rise
ANI | Updated: Apr 07, 2021 10:03 IST
