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Why in news?

  • The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided at a meeting  to keep the interest rates unchanged in the wake of a rise in inflation, but emphasised that there would be space for rate reduction
  • The introduction of one- and three-year term repos at policy rate of 5.15% for a total of ₹1 lakh crore is also aimed at prodding rates downward as banks now pay 6%-6.5% on deposits.
  • Third, the RBI has fine-tuned its liquidity management process in a manner designed to help banks manage their interest costs better.