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Explaining the meaning of Repo rate and Reserve Repo rate and present rate in 2023

Repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks in the event of any shortfall of funds.

Reverse repo rate is the rate at which commercial banks lend money to the RBI.

For example, if the RBI wants to make more money available in the banking system, it reduces the repo rate

The Reserve Bank of India repo rate in 2023 increased by 0.35 percentage points to 6.25% in December 2022. The 3.35% reverse repo rate remained unchanged. The marginal standing facility rate and the bank rate will remain unchanged at 6.75% and 6.25%, respectively.

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