RBI MPC meeting date and time: The Reserve Bank of India‘s (RBI) next Monetary Policy Committee (MPC) meeting is scheduled to take place in December. The three-day long deliberations of the MPC will be headed by the Indian central bank’s governor, Shaktikanta Das. Take a look at the date, time, and expectations from the interest rate-setting meet.
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RBI Monetary Policy Next Meeting Date And Time
The Monetary Policy Committee (MPC) is scheduled to begin its deliberations on December 6. Shaktikanta Das will unveil the decision of the six-member MPC on the morning of December 8. After the MPC decision, which is expected to start around 10 am on December 8, RBI Governor Das will address a post-policy press conference at noon.
The Monetary Policy Committee (MPC) is composed of three external members and three officials from the Reserve Bank of India (RBI). The panel’s external members include Shashanka Bhide, Ashima Goyal, and Jayanth R Varma. Governor Das is also a part of the MPC, along with two other RBI officials, Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor).
RBI Monetary Policy Next Meeting Expectations
The Reserve Bank is likely to maintain the status quo on the short-term interest rate in its monetary policy review later this week, with inflation staying in its comfort zone and economic growth moving at an accelerated pace, PTI reported, citing experts.
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The RBI has left the benchmark policy rate (repo rate) unchanged in its past four bi-monthly monetary policies.
Madan Sabnavis, Chief Economist, Bank of Baroda, told PTI that the RBI is most likely to maintain the status quo on rates this time. “The high growth witnessed in Q2 in GDP will provide assurance that the economy is on track. The low core inflation numbers in the last few months will provide comfort that there is no need to increase rates even while headline inflation is likely to be volatile in the upward direction,” he said.
Aurodeep Nandi, India economist at Nomura, said, “our baseline view is that the RBI will continue with the policy and stance pause for now.”
“We expect the RBI to keep the policy repo rate unchanged at its next MPC meeting. The prospect of further easing in inflationary pressure is likely to result in the MPC moving to a neutral policy stance,” Prasenjit Basu, Chief Economist, ICICI Securities, said, placing his analysis in the context of the retail inflation.
The central government has mandated to keep the retail inflation based on the Consumer Price Index (CPI) at 4 per cent, with a margin of 2 per cent on either side. As of October, the retail inflation has eased to a four-month low of 4.87 per cent, mainly due to cooling prices of food items. The MPC, in its October meeting, projected CPI inflation to be at 5.4 per cent for 2023-24, which is a moderation from the 6.7 per cent projected for 2022-23.
