The Reserve Bank of India’s rate-setting monetary policy panel began deliberations on Tuesday amid expectations that the central bank will keep the benchmark interest rates unchanged at 6. 5% on the back of easing retail inflation and the need to push economic growth. Headed by Reserve Bank Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will meet for three days and the decision would be announced on Thursday, June 8.
Headed by RBI Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) is meeting for three days and the decision would be announced on Thursday, June 8. The RBI governor will present the latest monetary policy statement at 10 am on June 8, Thursday, including the decision on key policy rates like repo rate, reverse repo rate, etc. .
He is expected to talk about the current domestic as well as global economic situation. After the policy announcement, RBI governor will also address a press conference at 12:00 pm on Thursday. How to Watch RBI Monetary Policy Decisions LIVE Today YouTube : You can watch the LIVE address of RBI governor on YouTube in the below given link.
https://www. youtube. com/watch?v=E_mXqRBy4V4 Facebook : The address will be simultaneously streamed on the Reserve Bank of India’s Facebook page.
Twitter : RBI Governor Shaktikanta Das’ address to the country will also be streamed on the Central Bank’s official Twitter handle @RBI . RBI MPC updates on News18 After the last MPC meeting in April, the RBI paused its rate hike cycle and stayed with the 6. 5% repo rate.
Prior to that the central bank had cumulatively hiked the repo rate by 250 basis points since May 2022 in a bid to contain inflation. The MPC is meeting in the backdrop of consumer price-based (CPI) inflation declining to an 18-month low of 4. 7% in April.
The Reserve Bank governor recently indicated that the May print would be lower than the April numbers. The CPI for May is scheduled to be announced on June 12. On expectations from the MPC, Rumki Majumdar, Economist, Deloitte India said, “We expect a pause in this meeting as growth concerns cannot be overlooked.
With the global economy slowing down, there are risks that the slowdown contagion may impact us”. Globally, there are signs that the Central Banks may also take a pause or go with fewer hikes as runaway inflation takes a breather, Majumdar said, and added this will further help the RBI to maintain the status quo. ” Dhruv Agarwala, Group CEO, Housing.
com said the RBI is expected to keep its benchmark lending rate unchanged, reflecting the easing concerns surrounding inflation. “While some voices advocate for a rate cut to provide an impetus to growth, the RBI is likely to exercise caution and wait before contemplating such a step,” he said. The government has mandated the RBI to ensure CPI inflation at 4% with a margin of 2% on either side.
The other members of the MPC are: Shashanka Bhide (Honorary Senior Advisor, National Council of Applied Economic Research, Delhi); Ashima Goyal (Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai); Jayanth R Varma (Professor, Indian Institute of Management, Ahmedabad); Rajiv Ranjan (Executive Director, RBI); and Michael Debabrata Patra (Deputy Governor, RBI). .