RBI Monetary Policy Today: Notably, the rate-setting panel of India’s central bank began its three-day deliberations on the next bi-monthly monetary policy on Wednesday
New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das today is set to announce the decision of the six-member Monetary Policy Committee (MPC). The announcement will come amid rising global commodity prices and the need to contain inflation at home. Ahead of the key event, share market has opened in green on Friday. BSE Sensex has jumped 223.79 points to 59,901.62 in opening session and NSE Nifty advanced 77.75 points to 17,868.10, as per a PTI report.
“Watch out for the Monetary Policy statement of the RBI Governor @DasShaktikanta at 10:00 am on October 08, 2021 YouTube: https://youtu.be/2dnxFikeNX8 Post policy press conference telecast at 12:00 noon on the same day YouTube,” Reserve Bank of India tweeted.
RBI Monetary Policy Today
- Notably, the rate-setting panel of India’s central bank began its three-day deliberations on the next bi-monthly monetary policy on Wednesday.
- If the RBI decides to maintain status quo in policy rates today, it would be the eight 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, as per a PTI report.
- The RBI has been asked by the central government to ensure that the retail inflation based on the Consumer Price Index remains at 4 per cent with a margin of 2 per cent on either side. The Reserve Bank had kept the key interest rate unchanged in its after monetary policy review in August citing inflationary concerns.
- The RBI has projected the CPI inflation at 5.7 per cent during 2021-22 — 5.9 per cent in the second quarter, 5.3 per cent in third, and 5.8 per cent in the fourth quarter of the fiscal, with risks broadly balanced. CPI inflation for the first quarter of 2022-23 is projected at 5.1 per cent.
- The CPI inflation was at 5.3 per cent in August. The inflation data for September is scheduled to be released on October 12.
