RBI keeps repo rate steady at 5.15% amid ‘elevated inflation pressures’

The Reserve Bank of India announced the bimonthly decision of its Monetary Policy Committee on Thursday. The central bank kept its repo rate unchanged at 5.15%. Repo rate is the rate at which RBI lends to banks. It also continued the 'accommodative stance' aimed at reviving high economic growth. RBI projected GDP growth in the next financial year, i.e, 2020-21, at 6%. RBI Governor said that while the MPC's decision was constrained by 'elevated inflation pressure', it has other instruments at its disposal to strive for high economic growth.