RBI Governor Shaktikanta Das will present the latest monetary policy statement at 10 am on October 6
RBI MPC October 2023 Meeting: The meeting of the RBI’s Monetary Policy Committee, which started on Wednesday, will conclude today (Friday morning), and the decision will be announced by RBI Governor Shaktikanta Das. The RBI governor will present the latest monetary policy statement at 10 am on October 6 (Friday). Apart from announcing MPC’s decision on the repo rate, reverse repo rate and other policy rates, Das will also discuss the current domestic as well as global economic situation.
After the policy announcement, the RBI governor will also address a press conference which will be telecast at 12:00 pm on Friday.
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Here is How to Watch RBI Monetary Policy Decisions LIVE Today
The Reserve Bank of India has put out a post on X to explain where and how to watch RBI MPC meet live. “Monetary Policy statement by #RBI Governor @DasShaktikanta at 10:00 am on October 06, 2023. Watch live at: https://m.youtube.com/live/wi6m7F6boWo?feature=share.”
Facebook: The address will be simultaneously streamed on Reserve Bank of India’s Facebook page.
X: RBI Governor Shaktikanta Das’ address to the country will also be streamed on the Central Bank’s official Twitter handle @RBI on X.
“Post policy press conference telecast at 12:00 pm on same day. https://youtube.com/live/WT0uCBXrpNE?feature=share,” the RBI said in a post on X.
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What’s Expected?
Vimal Nadar, senior director & head (research) at Colliers India, said, “The RBI is expected to continue its ‘pause’ stance and keep the benchmark lending rate at 6.5 per cent for the fourth consecutive time. While consumer price inflation has moderated from the 15-month high of 7.44 per cent in July 2023, the concerns of elevated food inflation remain high, and the Central Bank will be cautious.”
Nonetheless, RBI has already revised the inflation projection to 5.4 per cent for FY 2023-24 to accommodate these concerns. Steady repo rates will continue to bring in stability in home loan lending rates by major banks & financial institutions. “This is critical during this festive period when most of the fence sitters & first-time home buyers look for lucrative deals from developers & lending institutions to buy their dream home,” he added.
Aman Sarin, managing director of Anant Raj Limited, said, “In the recent past, the Reserve Bank of India has taken many effective steps to ensure that liquidity is available, inflation is under control and business is growing. We are very hopeful that RBI will maintain its current policies, focusing on bolstering economic growth, particularly in light of the approaching festive season while keeping a watchful eye on inflation and liquidity in the system.”
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Sarin added that in consideration of the real estate sector’s funding requirement, the Reserve bank of India may consider extending benefits for the affordable and mid-housing segment in order to increase the affordability of homes specifically in metropolitan cities. This would help to achieve Housing for all in large cities where the maximum working population resides.
Shishir Baijal, chairman and managing director of Knight Frank India, said, “We expect the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) to keep the repo rate unchanged to remain supportive of growth. However, the central bank will likely maintain a precautionary stance because of the inflationary pressure arising from external factors such as rising crude prices and the Indian currency, which is at an all-time low. A pause will be supportive of the real estate sector in maintaining its current momentum.”
He added that with the last few revisions, the repo rate has gone up by 250 bps, resulting in a 160-basis point hike in the base lending rate, with the last three revisions being completely passed on to the home buyers. This has started to impact housing demand, especially in the affordable segment.
“The mid-segment has also seen growth moderating in the last few quarters. A further increase in the REPO rate could potentially dampen buyers’ sentiment and impact housing affordability,” Baijal said.
