RBI announces MPC schedule for FY25, first rates decision on April 5

PTI, Mar 27, 2024, 8:10 PM IST

Representative image (source: PTI)

Mumbai: The Reserve Bank of India (RBI) on Wednesday announced the schedule for the bi-monthly monetary policy committee meetings for the new fiscal.

The first meeting will be held from April 3-5, while the next will start on June 5, as per an official statement.

Typically, the six-member panel votes on a resolution on the third day of the meeting and the governor announces the decision in the first half of the day after the vote is completed.

The first two days of the meeting are devoted to deliberations and presentations by subject matter experts to the panel.

The second bi-monthly policy review meeting will end on June 7, the statement said, adding that this will be followed by three-day meetings in August, October, December, and February.

The six-member panel headed by the governor has three external members. It can be noted that Shaktikanta Das’ term as the RBI Governor is set to end in December this year.

The MPC has been consistent in holding on to the elevated interest rates and has maintained the stance at withdrawal of accommodation for many reviews now.

The recent cool off in inflation, coupled with the need to support growth, has led to expectations of a change in stance to neutral and even a rate cut.