Amid the raging coronavirus disease (Covid-19) pandemic in the country, the Reserve Bank of India (RBI) is all set to begin on Wednesday its three-day meet to decide key monetary policy rates. The central bank will announce its bi-monthly monetary policy review on Friday, at the end of the meeting, news agencies reported earlier this week, citing officials familiar with the matter.
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The Monetary Policy Committee (MPC) of the RBI is scheduled to announce its bi-monthly policy review on August 6 at the end of the three-day meeting held from August 4 to August 6. According to news agency PTI, the RBI is likely to maintain the status quo on interest rates and "watch the developing macroeconomic situation for some more time" before taking any decisive action(s) on monetary policy.
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The MPC, a six-member team headed by RBI governor Shaktikanta Das, is in charge of deciding the key policy rates. The panel had left the rates unchanged last time, citing concerns about inflation.
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The rising inflation in the Indian economy is because of the fuel prices, one of the experts said, adding that the pressure will ease out in a while after being normalised. It is expected thus that the central bank will keep the repo rate at the present level despite high inflation.
The Reserve Bank of India, which mainly factors in the retail inflation while arriving at its monetary policy, has been mandated by the government to keep Consumer Price Index (CPI) based inflation at 4 per cent with a margin of 2 per cent on either side.
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The Reserve Bank of India, which mainly factors in the retail inflation while arriving at its monetary policy, has been mandated by the government to keep Consumer Price Index (CPI) based inflation at 4 per cent with a margin of 2 per cent on either side.
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