Prior to being promoted as ED, Pattanaik was an Adviser in the Department of Economic and Policy Research (DEPR), while Ranjan was serving as Adviser-in-Charge of Monetary Policy Department and Secretary to the MPC.
The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, is holding its first meeting in the current financial year. The meeting will be on from April 6 to 8 and the outcome will be announced on April 8.
This is the tenth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
Lata Mangeshkar, whose voice struck an instant chord of recognition with generations of South Asians and is considered one of India's greats, died in a Mumbai hospital on Sunday due to multiple organ failure.
The meeting comes days after the IMF announced that she is being promoted as its First Deputy Managing Director.
This is the ninth consecutive time since the rate remains unchanged. The RBI had last revised the policy rate on May 22 last year.
The Reserve Bank of India has kept the policy rate unchanged 8th time in a row at 4 per cent.
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
The Reserve Bank of India on Friday projected the retail inflation at 5.1 per cent in the current financial year ending March 31, 2022.
30-share BSE index was trading 199.01 points or 0.40 per cent higher at 49,400.40 and broader NSE Nifty advanced 68.90 points or 0.47 per cent to 14,752.40.
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.
RBI Governor Shaktikanta Das-headed rate-setting panel MPC started its three-day deliberation on the next monetary policy on Monday amid sudden surge in COVID-19 cases and the government's recent mandate asking the central bank to keep retail inflation around 4 per cent.
The Reserve Bank's rate-setting Monetary Policy Committee (MPC) began its meeting on Wednesday and is likely to hold interest rates and continue with accommodative policy stance so that necessary monetary action could be taken to push growth.
The Reserve Bank of India will announce the monetary policy on October 9 as the Monetary Policy Committee (MPC) will meet during October 7-9.
The appointment has come after the government faced widespread criticism over failing to act on time to appoint an external panel to the Monetary Policy Committee (MPC).
The central bank, however, did not give any reason for rescheduling the meet. The interest-setting panel was scheduled to meet for three-days beginning Tuesday for RBI’s bi-monthly monetary policy review.
The six-member Monetary Policy Committee (MPC) headed by the RBI Governor is scheduled to announce its decision on August 6.
After a largely, subdued trade, the BSE Sensex on Wednesday closed at 40,850.29, higher by 174.84 points or 0.43 per cent from the previous close of 40,675.45 points. The RBI rate cut is expected today.
The inflation based on Consumer Price Index (CPI) was 3.99 per cent in September and 3.38 per cent in October 2018. The inflation in the food basket spiked to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month
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."
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