The Reserve Bank of India Governor as ex-officio chairman of the Monetary Policy Committee commenced the three-day meeting on October 7 which concluded today. It was anticipated that the repo rate would be reduced this time considering the rate cuts by the US Feds.
The 3-day Monetary Policy Committee (MPC) meeting will conclude on October 9. The outcome of the meeting is eagerly awaited as the RBI has kept the repo rate steady for the last nine consecutive months.
This marks the ninth consecutive time the MPC has held the repo rate at 6.5%, maintaining its stance of 'withdrawal of accommodation' to steer inflation towards the desired target. The decision received majority support, with four out of six members in favour.
The Reserve Bank of India has maintained status quo fifth time in a row on policy rate. The bank has kept repo unchanged at 4 per cent.
Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate unchanged at 4 per cent and continued with its accommodative stance to support growth. The committee, which has cut rates by 115 basis points since the Covid-19 crisis hit in March, has kept rates on hold since May.
According to RBI's Monetary Policy Report, October 2019: "Taking into account the baseline assumptions, survey indicators, the reductions in the policy repo rate since February 2019, the base effects and model forecasts, real GDP growth is projected at 6.1 per cent in 2019-20 - 5.3 per cent in Q2, 6.6 per cent in Q3, 7.2 per cent in Q4 - with risks evenly balanced."
The six-member MPC, headed by RBI Governor Shaktikanta Das, will meet between Tuesday and Thursday for the sixth bi-monthly monetary policy statement for 2018-19.
New Delhi: Eight core industries such as coal, electricity, crude oil, cement and steel grew at 2.4 per cent in December, compared to four percent in the same month last year, official data showed on
New Delhi: Ahead of the monetary policy review, State Bank of India (SBI) Chairperson Arundhati Bhattacharya on Thursday said RBI may leave interest rate unchanged in the next review but could soften its stance by
Top News
Latest News
