Wed Oct 09 04:22:09 UTC 2024: ## RBI Holds Key Interest Rates Steady, No Immediate Relief for Borrowers
**Mumbai, October 7, 2024:** The Reserve Bank of India (RBI) is expected to keep key interest rates unchanged during its Monetary Policy Committee (MPC) meeting this week, signaling no immediate relief for borrowers facing high borrowing costs.
The MPC, chaired by RBI Governor Shaktikanta Das, will meet for three days starting Monday. While the current repo rate stands at 6.5% – where it has been since February 2023 – experts predict no change during this week’s meeting. The RBI Governor is scheduled to announce the MPC’s decisions on Wednesday, October 9th.
While a possible rate cut is not entirely ruled out, experts anticipate that the RBI may consider a quarter percentage point reduction in the repo rate only during its December meeting, if economic conditions become more favorable.
This news comes as a blow to borrowers who have been burdened by high interest rates. The RBI’s decision to maintain the status quo reflects its cautious approach to managing inflation and supporting economic growth.
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